President Trump signed his “One Big Beautiful Bill Act” into law at a Fourth of July party on the White House lawn Friday — moments after fighter jets and B-2 bombers soared overhead in celebration of the recent bombing of Iran’s nuclear sites.
“After that spectacular display of American power, let me just say God bless the United States military and God bless the USA,” Trump said from the Truman Balcony.
“As we enter our 249th year, America’s winning, winning, winning like never before … The Golden Age of America is upon us.”
Trump asked the Missouri-based flight crews who participated in the Iran strikes to raise their hands — saying “they don’t want to be in disguise” after forcing Tehran into a hasty cease-fire with Israel — before inking his landmark bill.
“In a few moments, we’re going to make official the greatest victory yet when I sign the ‘One Big, Beautiful Bill’,” the 79-year-old president said to an audience of lawmakers and military families.
“It’s really promises made, promises kept — and we’ve kept them. This is a triumph of democracy on the birthday of democracy, and I have to say that the people are happy.”
Trump attacked his predecessor Joe Biden and House Minority Leader Hakeem Jeffries (D-NY) before enacting tax cuts on tips, overtime and Social Security benefits, plus new deductions for domestic car loan interest and higher state and local tax (SALT) deductions.
Biden — who last year began his Independence Day remarks by proclaiming “ho, ho, ho!” — presided over “four horrible years of embarrassment” for the country, Trump said, slamming the Democrat’s management of illegal immigration and the 2021 withdrawal from Afghanistan.
The president then mocked Jeffries, who spoke against the bill for nearly nine hours on the House floor Thursday before its passage in a 218-214 vote. --->READ MORE HERE
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| GRAEME SLOAN/EPA/Shutterstock |
In a sweeping new fiscal package, Congress unveiled a major overhaul of tax policy, federal spending, and entitlement programs with President Trump’s Big Beautiful Bill.
The proposal includes a permanent extension of key provisions from the 2017 Tax Cuts and Jobs Act, significant new investments in defense and border security, and stricter eligibility requirements for Medicaid and federal student loans.
Here’s a breakdown of what’s in the plan.
Taxes
- Permanent extension of much of the 2017 Tax Cuts and Jobs Act
- Deduction for qualified tip wages capped at $25,000 and overtime pay capped at $12,500 for individuals for three years
- Standard deduction gets increased by $750 for single fliers, to $15,750
- Child tax credit increased to $2,200
- Car loan interest deduction of up to $10,000 for individuals making under $100,000 annually (couples under $200,000) who purchase U.S.-made vehicles
- State and local tax deduction cap raised to $40,000 through 2029
- Excise tax on endowments goes up to 8% on wealthy colleges with at least 3,000 students, while imposing lower rates of 4% or 1.4% on institutions with fewer assets
New spending
- Debt ceiling increased by $5 trillion
- Nearly $150 billion in additional border security spending, including $46.5 billion to construct a U.S.-Mexico border wall and about $30 billion to Immigration and Customs Enforcement
- Approximately $154 billion in additional defense spending, including $25 billion for the president’s space-based “Golden Dome” missile defense system and $29 billion to boost shipbuilding
- $50 billion in funding for rural hospitals in Medicaid
- New “Trump” savings account for parents and guardians of children born between Jan. 1, 2024, and Dec. 31, 2028, with the feds providing an initial $1,000 seed money
--->READ MORE HERE
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