One Big Beautiful Bill Act

And then we had the redux of making it more permanent.

Whatever you want to call it, Big Beautiful Bill, Tax Cut and Jobs Act.

You have studied this thing.

Yeah.

Oh, many.

Okay.

So let's talk a little bit about one big beautiful bill.

One of the things that it did was no tax on tips, right? Yeah.

Even though higher interest rates do nothing to change the energy supply constraints that are driving consumer prices higher, home building is bearing much of the brunt of the Fed's efforts to fight inflation as one of the most interest rate sensitive sectors of the economy.

Well, let's talk a little bit about why we're rethinking Roth conversions after the one big beautiful bill.

Last year's July 4th legislation didn't eliminate the case for Roth conversions.

It just changed the planning equations weighing whether we should pay taxes now in exchange for tax-free growth later.

By permanently extending the 2017 rates and expanding some deductions, the One Big Beautiful Bill Act created new opportunities to offset the tax costs of conversions, while reducing concerns that future tax rates would automatically rise.

So as a result, Roth conversions remain a useful strategy in the right situation, such as to reduce future required minimum distributions, also to help enhance estate planning and more.

But this has been a year by year thing.

Musk called Starlink's use in drone attacks a violation of its terms of service.

The number of people on food stamps in the U.S. has fallen by 13 percent from 41.6 million people in July last year, before the One Big Beautiful Bill Act took effect, to 36.5 million in June this year.

Advocates say more people are seeking help from food banks or going hungry.

Currently, 47 million people, including one in five children, are living in food-insecure households nationwide.

Developers should cover the full cost of the electricity, water, and infrastructure they require.

Congress should also repeal the tax breaks benefiting data centers in the Big Beautiful Bill, which my opponent has vocally supported.

I supported a data center moratorium in Memphis and brought a similar proposal forward to Columbia.

Communities need time to establish enforceable protections and they should not be rushed because a tech company wants to build, he said.

But his Bull Connor tactics for apprehending illegal aliens produced a backlash he didn't bargain for.

His Big Beautiful Bill, which eliminated Medicare supplement payments, a temporary pandemic measure, backfire because his team lost sight of the maxim that once a social program is law, as meant to be temporary or not, it's nigh impossible to eliminate.

He's fallen short, however, on achieving his foreign policy goals.

His use of tariffs has damaged relations with longtime allies and trading partners, as well as fueled rising domestic consumer prices.

The MAGA Republican Congress, which John James is a part of, voted to force these data centers in our backyards by using our taxpayer dollars with little to no oversight or protections for the people and for the environment.

And John James, along with Tom Barrett, who's fighting to keep his seat against the working class progressive Democratic opponent William Lawrence in the 7th Congressional District, voted for an earlier version of the so-called Big Beautiful Bill, or as we call it here, the MAGA murder budget, which would have stripped states from enacting any kind of safety protections and regulations of AI data centers.

Now, that was stripped out by the end.

However, as Michigan Advance's Ben Solis noted earlier this month, an investment and success firm reported that the MAGA murder budget gave billions in tax breaks to major AI companies and laid the groundwork to build data centers.

And I would argue maybe the legacy, the Trump account, is going to be the most beneficial thing we've seen with any administration in recent history.

I think the Working Families Tax Cuts, also known as the One Big Beautiful Bill, had so many benefits.

great pieces of legislation in it.

And as you said, many of them are just showing up now.

I think it almost was tantamount to a criminal fraud, given the way the American people were misled.

But he also voted against the One Big Beautiful Bill Act, which ended up extending the Tax Cut and Jaws Act and the Work and Family Tax Cuts.

And so he has not been in the corner of the average American.

And who would expect him to be? I mean, he's extremely wealthy.

You may recall we entered the year quite bullish on economic prospects.

We believed we'd see a broadening trade based on tailwinds from fiscal policy, such as the One Big Beautiful Bill and reshoring, and the lagged positive impacts from the 2025 interest rate cuts.

And unlike tech, where we saw the market rotate from one theme to the next, industrials presented us a different question, whether the economic recovery we had anticipated was being delayed or fundamentally undermined.

As we got into Q3, the persistence of the Iran war, higher energy prices, and higher rates began to challenge the timing and magnitude of the industrial recovery that we had anticipated.