Trump's Continued Victories: President Ensuring Fulfillment of Campaign Pledges

Trump's Continued Victories: President Ensuring Fulfillment of Campaign Pledges

In a significant move, President Trump's administration has introduced the "One Big Beautiful Bill" (OBBA), marking a substantial attempt to stabilize the U.S. tax code. This reform, signed into law on July 4, 2025, represents a continuation and expansion of President Trump's tax priorities from his first term, emphasizing permanence, simplification, and targeted tax relief.

The OBBA makes permanent individual, business, and international tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that were previously temporary. This includes avoiding scheduled tax rate increases, cuts to the child tax credit, and expansions of alternative minimum tax and death tax provisions.

One of the key specifics of this reform is the increase in the maximum child tax credit from $2,000 to $2,200 per child and indexing the credit amount (and the refundable portion) to inflation. The bill also raises the State and Local Tax (SALT) deduction cap to $40,000 for taxpayers (specifically married couples) earning up to $500,000, with the cap set to revert to $10,000 after five years.

New deductions and credits have been introduced, such as qualified tip income becoming deductible for workers earning less than $150,000, capped at $25,000, and a temporary senior tax deduction of up to $6,000 aimed at reducing Social Security tax burdens for 88% of seniors.

On the corporate and business front, the bill restores permanent 100% bonus depreciation for short-lived investments and immediate expensing for domestic R&D expenses. The qualified business income (QBI) deduction is made permanent, with some changes to its phase-in limits.

However, the OBBA also includes modifications to international tax provisions, such as increasing the base erosion and anti-abuse tax (BEAT) rate slightly from 10% to 10.1% and increasing withholding taxes on some foreign payments.

Energy and environmental tax credits have also been affected, with many clean energy credits from the Inflation Reduction Act being reduced or eliminated starting in 2027, except for some fuel production credits extended to 2029.

The OBBA also includes non-tax provisions such as increased immigration enforcement funding and a debt limit increase, but tax reforms form the bill’s core focus.

Meanwhile, away from tax reform, President Trump has made headlines in other areas. The President secured an agreement from NATO member nations to raise their defense spending to 5% of their GDP. In a move to protect religious expression, the Trump Administration directed all federal agencies to protect religious expression in the workplace.

In health-related news, Children's Hospital Los Angeles closed its "Center for Transyouth Health and Development and Gender-Affirming Care," while Stanford Medicine ended sex-change surgeries for minors. The University of Chicago also suspended "gender-affirming care" for minors.

Lastly, President Trump's America First economic policy has continued to yield results, with the S&P 500 and Nasdaq reaching new record highs several times over the course of the second hundred days. The President also signed the One Big Beautiful Bill into law, delivering the largest tax cut in history for working- and middle-class Americans. The Trump Administration is also reported to be killing federal regulations at a 10-1 rate, exceeding the 4-1 cut during the first term.

1. The One Big Beautiful Bill (OBBA) has marked a significant change in U.S. tax policy, aiming to stabilize the tax code.
2. The OBBA has made permanent many individual and business tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA).
3. The child tax credit has been increased from $2,000 to $2,200 per child under the OBBA.
4. The State and Local Tax (SALT) deduction cap has been raised to $40,000 for taxpayers earning up to $500,000.
5. New deductions and credits have been introduced in the OBBA, such as a qualified tip income deduction.
6. Corporate and business tax changes in the OBBA include permanent bonus depreciation for short-lived investments.
7. The qualified business income (QBI) deduction has been made permanent with changes to its phase-in limits.
8. The Ober BA also includes modifications to international tax provisions, such as increasing the base erosion and anti-abuse tax (BEAT) rate.
9. Energy and environmental tax credits have been affected in the OBBA, with many clean energy credits being reduced or eliminated.
10. The OBBA includes non-tax provisions such as increased immigration enforcement funding.
11. President Trump has raised defense spending to 5% of GDP by NATO member nations.
12. The Trump Administration has directed all federal agencies to protect religious expression in the workplace.
13. Children's Hospital Los Angeles closed its Center for Transyouth Health and Development and Gender-Affirming Care.
14. Stanford Medicine has ended sex-change surgeries for minors.
15. The University of Chicago has suspended "gender-affirming care" for minors.
16. The S&P 500 and Nasdaq have reached new record highs under President Trump's America First economic policy.
17. The One Big Beautiful Bill has delivered the largest tax cut in history for working- and middle-class Americans.
18. The Trump Administration is reported to be killing federal regulations at a 10-1 rate.
19. In sports news, the Champions League, baseball, hockey, golf, and tennis are ongoing.
20. Sports betting on European leagues, basketball, NFL, and racing has also gained popularity.

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