News Brief
Tax Reliefs, Border Wall Funds, Medicaid Cuts And More: All You Need To Know About Trump’s 'One Big Beautiful Bill'
US President Donald Trump (File Photo)
US President Donald Trump signed the "One Big Beautiful Bill" into law at the White House on Friday (4 July), fulfilling key campaign promises, reported NDTV.
He stated, "America is winning, winning, winning like never before," adding, "I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types."
Trump also asserted, "Promises made, promises kept, and we've kept them."
The comprehensive bill introduces significant changes. It permanently extends tax cuts from Trump's first term, totaling approximately $4.5 trillion, and offers new temporary deductions for tips, overtime, and auto loans.
It also increases the child tax credit to $2,200 and quadruples the SALT cap to $40,000 for five years.
However, the bill will reportedly benefit wealthier households while costing the poorest due to cuts in medicaid and food aid.
It also provides billions for Pentagon spending and $25 billion for developing the "Golden Dome" missile defense system.
To offset costs, the bill implements deep cuts to Medicaid and food assistance, introducing new work requirements and co-payments for beneficiaries.
It also slashes clean energy tax credits, ending electric vehicle tax breaks by 30 September 2025.
Finally, the bill creates "Trump Accounts" for children's savings, introduces new excise taxes, eliminates a tax on gun silencers, and prohibits Medicaid payments to abortion providers like Planned Parenthood for one year.
The Congressional Budget Office projects the bill will increase federal deficits by nearly $3.3 trillion over the next decade.
