Trump signs tax and spending bill into law during July 4th ceremony
US President Donald Trump celebrated a significant victory on July 4, 2020, as he signed a tax and spending bill into law. The bill, which marked the largest border security investment in American history, was passed with a close margin of 218-214 in the House of Representatives.
The bill, led by House Speaker Mike Johnson and Senate Majority Leader John Thune, will fund Trump's immigration crackdown and make his 2017 tax cuts permanent. However, it's essential to clarify that the tax cuts in question are those outlined in the 2017 Tax Cuts and Jobs Act (TCJA), often referred to as the "Trump tax cuts."
The TCJA, enacted in 2017, is forecasted to reduce federal tax revenue by approximately $4.5 trillion from 2025 through 2034 and increase the long-run GDP by 1.1 percent, according to the Tax Foundation. While future budget-related tax cut plans have been discussed for 2025, no verifiable information exists about a tax and spending cuts bill signed by Trump specifically in July 2021.
The bill's passage is predicted to add more than $3 trillion to the nation's debt. The signing ceremony, held at the White House, was attended by hundreds of supporters and featured a flyover by military jets.
The bill's passage represents a significant win for Trump and his Republican allies, coming amidst a critical election year. The bill's implications for healthcare, however, are a subject of ongoing debate and concern. Some analysts predict that the bill could result in millions of Americans losing their health insurance.
[1] Tax Foundation, "The 2017 Tax Cuts and Jobs Act: An Analysis," (2017), https://www.taxfoundation.org/tcja-analysis/ [2] Committee for a Responsible Federal Budget, "Budget Outlook: 2025," (2020), https://crfb.org/the-budget/budget-outlook-2025
- The 2020 tax and spending bill, led by House Speaker Mike Johnson and Senate Majority Leader John Thune, has implications for health policy-and-legislation, with some analysts predicting that it could lead to millions of Americans losing their health insurance.
- Although the 2020 tax and spending bill is forecasted to add over $3 trillion to the nation's debt, the tax cuts it encompasses are a continuation of those outlined in the 2017 Tax Cuts and Jobs Act (TCJA), often referred to as the "Trump tax cuts."
- The passing of the 2020 tax and spending bill is significant for general news and politics, particularly within the context of a critical election year, as it represents a significant win for President Donald Trump and his Republican allies.
