This is reported by Reuters.
President of the United States Donald Trump signed a bill that had previously received support from both chambers of Congress. This document provides for tax cuts and an increase in the federal debt ceiling. This was reported by the news agency Reuters.
“This is the biggest bill of its kind in history. Nothing like this has ever happened before.”
Trump believes that this bill is “the largest tax cut in American history” and calls its passage by lawmakers “the greatest victory.”
The document, developed by the administration in Washington, is described by Trump as “one big, beautiful bill.” It provides for significant tax and spending cuts in various areas, while increasing defense funding, including for the creation of the Golden Dome missile defense system. The bill also includes measures to strengthen border control.
This bill will also fund enhanced immigration enforcement, which is expected to result in millions of Americans losing health insurance.
Elon Musk, founder of SpaceX, who previously coordinated a government agency focused on efficiency improvements, has repeatedly criticized this bill, particularly due to the increase in the federal debt ceiling.
Key Aspects of Trump’s Tax Bill
On July 1, 2025, the U.S. Senate passed the 940-page “One Big Beautiful Bill,” which is the main initiative of the Trump administration. This document includes significant tax breaks, cuts to social programs, increased defense spending, and an increase in the federal debt ceiling.
On July 3, the House of Representatives also approved the bill after lengthy debates and sent it to Trump for signing.
The main provisions of the bill include:
- Taxes: permanent tax breaks for businesses and families, elimination of taxes on tips and overtime pay, new tax credits for American automakers.
- Social program cuts: reduced funding for Medicaid and food assistance programs (SNAP). It is projected that by 2034, over 12 million Americans could lose health insurance.
- Defense and immigration: $170 billion to strengthen the border and enhance immigration enforcement, $160 billion for defense, including the project to create the new “Golden Dome” missile defense system.
- Finance: raising the federal debt ceiling by $5 trillion, with an expected budget deficit increase of $3.3 trillion over the next 10 years.
It is known that in May, Musk left the administration, ending his involvement in government work due to disagreements over this bill, which he called “destructive” and said it would “destroy jobs.”
We recommend paying attention to:
- US House Democratic leader Hakeem Jeffries set a record with an 8-hour 44-minute speech delaying a Republican tax bill vote in July 2025.
- The US Senate debates a $4.5 trillion tax bill proposed by President Trump, facing opposition and criticism from Elon Musk, who warns it could harm jobs and future industries.
