CBS Evening News CBS Evening News, 07/03/25
Jul 3, 2025
Congress just passed a major spending and tax cut bill, marking a significant win for the president. There are concerns about its impact on social programs and the job market. Michael Madsen, the beloved actor, has sadly passed away at 67. The National Park Service faces a hiring freeze, raising safety concerns in parks. In military updates, drones are evolving combat tactics in Ukraine as America approaches its 250th anniversary, revealing troubling trends in national pride.
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Tax Cuts Paired With Big Social Cuts
- The new bipartisan bill extends Trump's 2017 tax cuts but cuts social programs deeply to offset costs.
- It adds $3 trillion to the deficit and leaves nearly 12 million uninsured due to Medicaid cuts.
Restaurant Owner Benefits from Tip Tax Cut
- Ben Smith, a restaurant owner in Iowa, welcomed the bill's elimination of federal taxes on tips.
- He sees it as a way for employees to better enjoy the fruits of their labor.
EV Tax Credit Rollback Impacts Economy
- Ending electric vehicle tax credits and clean energy subsidies aims to roll back Biden-era policies.
- This move may hurt U.S. automakers competing against China and slows the clean economy's growth.