U.S. President Donald Trump has officially signed the “Big and Beautiful Bill” into law during a festive Independence Day ceremony held at the White House.
This monumental 888-page bill, which passed with narrow margins in both the House of Representatives and the Senate, introduces a host of changes, including significant tax cuts and spending reductions.
Key Provisions and Fiscal Impact
The law permanently extends the Trump-era tax cuts enacted in 2017 and introduces new relief for tips, overtime work, and child savings accounts. It also eliminates taxes on Social Security and certain types of work income.
On the other hand, this legislation prévoit cuts to healthcare funding, especially for Medicare, Medicaid, and food stamps, as well as the withdrawal of clean energy subsidies.
Another aspect of the bill is the addition of $300 billion for defense and immigration law enforcement, which includes a tenfold increase in the ICE budget and renewed funding for border wall construction.
While this bill is highly popular among conservatives, it is projected to increase the national deficit by over $3 trillion in the next decade.
