Trump Celebrates July Fourth by Signing Major Tax Cuts and Spending Bill into Law

President Trump Signs Major Tax Cut and Spending Bill

On a sunny Fourth of July, President Trump signed a significant tax cut and spending bill he proudly called the “big, beautiful bill.” The ceremony was festive, featuring military displays and attended by enthusiastic Republican lawmakers.

Trump expressed optimism, saying this marks the largest tax cut in U.S. history. “We’re setting all sorts of economic records,” he claimed, suggesting the country will soon experience rapid economic growth.

The bill didn’t pass easily. It scraped through Congress with a narrow 51-50 vote in the Senate, with Vice President JD Vance casting the tie-breaking vote. In the House, it moved forward with a 218-214 vote mostly along party lines, just before Trump’s self-imposed deadline.

This legislative package fulfills many of Trump’s 2024 campaign promises. It makes the tax cuts from his first term permanent and includes new deductions for tips, overtime, and even car loan interest. There’s also a substantial budget for military spending and immigration enforcement. However, these initiatives come with some severe funding cuts in programs like Medicaid and SNAP (food aid).

Experts warn about the implications of this bill. The nonpartisan Congressional Budget Office predicts that the new law could add $3.3 trillion to the national debt over the next decade. They also estimate that around 11.8 million people could lose health insurance due to cuts in Medicaid.

Public opinion seems to lean against the bill. A recent survey from Quinnipiac University showed that 53% of registered voters oppose it, with only 27% in support. Democrats perceive this unpopularity as an opportunity for the 2026 midterm elections. House Minority Leader Hakeem Jeffries criticized the bill, arguing it won’t help ordinary Americans afford their daily expenses.

Interestingly, while Trump boasted about the bill, some Republicans are already discussing potential changes. Vance noted that Trump is open to reforming aspects of the law based on its real-world impact, suggesting that both parties may engage in discussions about adjustments in the future.

Social media is buzzing with reactions. Many users are sharing their views on how the bill affects their lives, showcasing a mix of support and criticism.

Overall, this legislative moment marks a significant chapter in American politics, with implications that stretch far beyond the holiday festivities. For more detailed insights, you can check the full bill here.

Whether you agree with the bill or not, it’s clear that the political landscape is shifting, and many will be watching closely as its effects unfold.

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