President Donald J. Trump has unveiled the One Big Beautiful Bill. This bill promises to address many issues Americans face today.
The bill proposes the largest tax cut in American history. It ensures double-digit percentage reductions for individuals, especially those earning between $30,000 and $80,000. The legislation also aims to achieve the largest reduction in mandatory spending, with significant savings projected.
Hardworking Americans will benefit from tax exemptions on tips and overtime earnings. Families will see an increase in the child tax credit to $2,500 per family. The bill funds the completion of the border wall.
It includes provisions to enhance Border Patrol and ICE, including hiring new personnel to better manage immigration. Able-bodied Americans receiving taxpayer-funded benefits will now have to meet work, volunteer, education, or training requirements. The bill aims to end restrictive mandates on electric vehicles and other energy policies, promoting American energy dominance and streamlining permitting processes.
By increasing the Section 199A deduction to 23%, the bill promotes the growth of small businesses on Main Street. The legislation rewards companies that build products in America with lower taxes and allows for full deductions on American-made vehicle loan interest. Children across America will benefit from savings accounts aimed at harnessing the power of compounded growth.
The bill provides greater access to childcare for working families. Enhanced funding aims to help the Coast Guard block illegal drugs and migrants, protect Arctic sovereignty, and enhance national security. Provisions include 100% immediate expensing for equipment and machinery, promoting domestic business operations.
The bill supports American farmers in competitive foreign markets and safeguards them from being outcompeted in liquid fuel production. Taxes on large university endowments are increased to hold woke, elitist institutions accountable. It cancels what is seen as illegal and unfair student loan bailouts.
Medicaid funds will no longer cover gender transition procedures.
Trump’s sweeping legislative proposal
Funding is provided for the Golden Dome initiative, aiming to revolutionize national defense.
Billions are allocated to revitalize the naval fleet and the shipbuilding industry. Efforts to modernize air traffic control systems are included, ensuring safety and efficiency. States will face greater accountability in administering SNAP benefits.
Provisions are included to strengthen Medicaid, remove deceased individuals from the program, and limit retroactive coverage. The bill removes tax and registration requirements for firearm silencers. Significant investment is made to improve the quality of life for service members, bolster munitions production, and modernize the nuclear arsenal.
The bill expands health savings accounts for greater choice and flexibility in spending. Annual bonuses for frontline Border Patrol and ICE agents are included to recognize their contributions. The bill incentivizes scholarships that give families and students more educational choices.
It ends the requirement to report gig transactions over $600 to the IRS. The bill simplifies student loan repayment plans and sets limits on borrowing to reduce tuition costs and student debt. The bill introduces financial accountability for universities concerning defaulted student loans.
It prioritizes Pell Grants for students in need and supports workforce training programs. Timber production is increased, forest management is improved, and wildfire risks are reduced. The bill strengthens rural broadband by allowing the sale of expanded spectrum MHz.
It creates fees for immigration applications to fund adjudication costs and enforcement actions. The bill prevents the death tax from impacting family-owned farms. The bill freezes existing provider taxes to ensure taxpayers are not unfairly burdened.
It reduces the power of the Consumer Financial Protection Bureau to prevent overreach against certain industries. The bill removes burdensome regulations from the Biden era that increased costs and administrative requirements. These are among the 50 provisions included in the bill, aiming to address economic, immigration, defense, and social issues comprehensively.
