On 04 July, President Donald Trump signed into law his landmark 900-page tax and spending package termed the “Big, Beautiful Bill.” Passed narrowly in both chambers (Senate: 51–50; House: 218–214), the bill seeks to reshape America’s economic, social, and energy policies.
The legislation makes permanent the 2017 Trump tax cuts, restores several business deductions, scales back green energy initiatives, and enacts deep reductions in federal safety net programs.
Coming shortly after the Iran-Israel ceasefire, this domestic milestone signals a consolidation of Trump’s political influence both internationally and at home.
𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐁𝐢𝐥𝐥:
• $4.5 trillion in tax cuts which makes Trump’s 2017 tax breaks permanent.
• Expanded child tax credits, new senior tax deductions, and Trump-branded savings accounts
• Business Incentives: 100% immediate expensing for capital equipment and R&D.
• Major cuts to Medicaid, SNAP, and clean energy subsidies.
• Massive spending on border security, ICE hiring, and missile defense.
• Clean Energy Rollbacks: Ends EV tax credits early, limits wind/solar incentives; adds coal production benefits.
• Debt ceiling raised by $5 trillion; estimated to add >$3 trillion to the deficit. This comes on top of the existing $36.2 trillion national debt.
As expected, the Republicans and Trump supporters have praised the legislation as pro-growth and pro-security, while Democrats called it a windfall for the wealthy. Trump hailed it as one of the most successful legislations in American history.
Business coalitions support the bill – it is expected to deliver significant gains for corporations, high earners and certain types of workers. However, healthcare and environmental groups have raised concerns. Critics argue that the bill favours the elite, undermines environmental goals, and shifts the cost burden onto working-class Americans.
Higher deficits could push up interest rates, increasing the cost of mortgages, car loans and business borrowing. The federal government’s own interest payments are projected to exceed $1 trillion per year which is triple of what it was just eight years back and larger than the entire defence budget.
In sum, the bill marks a major shift in tax policy, healthcare, immigration, and climate direction, poised to reshape the US political landscape.
What will be the short and long-term implications of Trump’s Big, Beautiful Bill? Comment below.
Disclaimer: The article has reference to open sources including Reuters, AP, Al Jazeera, CNN , and the American Press.