Trump Signs 'One Big Beautiful Bill': Tax Cuts Spark Debate
President Trump has signed the 'One Big Beautiful Bill', a tax cut package that has sparked debate. Supporters claim it will boost economic growth, but critics question if it will benefit most Americans.
The bill, passed by the 119th U.S. Congress and signed on July 4, 2025, permanently sets the corporate tax rate at 15 percent, down from the 2017 law's 21 percent. It overwhelmingly benefits the wealthy, with households earning over $1 million seeing an average annual gain of nearly $100,000. Those earning between $50,000 and $100,000 may see savings of $500 to $900.
The bill also eliminates the estate tax, expands capital gains exemptions, and reduces the top income tax rate to 30 percent. However, it does not address key issues such as inflation, infrastructure, or the growing federal deficit. It reduces IRS enforcement funding and removes high-income filer auditing provisions, potentially weakening revenue collection.
The 'One Big Beautiful Bill' has been criticized for not prioritizing the needs of the middle class and working poor. It leaves behind initiatives like affordable housing, clean energy, and healthcare reforms. While it may supercharge economic growth, it remains to be seen if this will translate to shared prosperity for most Americans.
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