Trump Signs “One Big Beautiful Bill” Extending Tax Cuts and Cutting Safety Nets in July 4 Ceremony
Photo by Alicia Razuri on Unsplash
What’s happening:
Ceremonial Signing: President Trump signed the “One Big Beautiful Bill” (a $3.4–$4.5~ trillion budget reconciliation package) during a July 4 ceremony at the White House, complete with flyovers and patriotic festivities.
Extension of Tax Cuts: The legislation makes permanent many elements of the 2017 Tax Cuts and Jobs Act—such as individual tax brackets, standard deductions, and lower rates—including a raised SALT cap of $40,000 for households earning under $500,000.
Selective New Breaks: Introduces temporary deductions through 2028—such as for tipped workers, overtime, auto loans, and “Trump Accounts” (child savings trusts)—plus a permanent $200 child credit boost and a 1% remittance fee.
Cuts to Safety Nets & Energy: Includes major cuts to Medicaid (roughly 12%) and food‑stamp/SNAP benefit cuts, expanded work requirements, elimination of certain clean‑energy tax credits, and rollback of Biden-era green subsidies.
Defense & Immigration Funding: Allocates approximately $150 billion for defense and border enforcement, and massively increases ICE funding—over $100 billion—via the bill.
Trump’s signature second-term legislative act permanently enshrines major tax cuts, introduces new financial breaks, and rewrites the safety-net and energy landscape—all within an Independence Day backdrop at the White House.
If you’re interested in reading more, please click here for Accounting Today’s article.