Trump enacts tax legislation
In a historic signing ceremony held at the White House on Independence Day, President Donald Trump put pen to paper on the "Big Beautiful Bill," a sweeping piece of legislation that aims to reshape the American economy for years to come.
The bill, which Trump had been pushing for months, was passed narrowly in both chambers of Congress after a long struggle. It was signed in front of a table set up on the White House lawn, with an air show honoring US pilots from Operation Inherent Resolve providing a fitting backdrop.
The key provisions of the bill include the permanent establishment of the individual and business tax breaks from Trump's 2017 Tax Cuts and Jobs Act, making those tax cuts permanent. The bill also introduces new tax deductions to eliminate taxes on tips and overtime pay, as well as no tax on Social Security benefits for seniors.
Moreover, the bill makes the child tax credit permanent for approximately 40 million American families, and raises the cap on state and local tax deductions temporarily before reverting after five years. However, the bill also faces criticism for raising the federal debt limit by $5 trillion, a provision that has sparked concerns over increased government debt.
The bill reflects priorities of Trump's second-term agenda, with significant increases in spending on border security, defense, and energy production. However, it also imposes significant cuts to social welfare programs such as Medicaid and the Supplemental Nutrition Assistance Program (SNAP), with reductions totaling around $1.2 trillion and projected to remove millions from these programs.
The proposed cuts to Medicaid, in particular, have faced intense criticism, with concerns over reduced health insurance coverage and food assistance for low-income Americans. The bill was passed without the support of any Democrats, who have criticized it for being harsh on vulnerable populations and increasing the national debt.
As the skies over Washington filled with the roar of jets, a B-2 stealth bomber was among the aircraft seen, adding a military touch to the festivities. Independence Day, one of the most important non-religious national holidays in the United States, was celebrated everywhere, with everything decorated in the colors of the US flag, and fireworks displays lighting up the night sky.
Trump spoke to invited guests about the achievements of his presidency during the ceremony, stating, "The world respects us again." The signing of the "Big Beautiful Bill" marks a significant step in the implementation of Trump's economic and policy goals for his second term.
The "Big Beautiful Bill" signing ceremony, held on Independence Day, highlights President Trump's dedication to reshaping the economy, with provisions including the permanent establishment of tax breaks from his 2017 Tax Cuts and Jobs Act, and the introduction of new tax deductions. Meanwhile, the bill's proposed cuts to social welfare programs, such as Medicaid and SNAP, have sparked intense criticism from Democrats, who view it as harsh on vulnerable populations and increasing the national debt.
