Marking America’s 249th Independence Day, President Donald Trump signed into law his sweeping $4.5 trillion "One Big Beautiful Bill," fulfilling key campaign pledges. The nearly 900-page legislation locks in Trump-era tax cuts, significantly boosts defense and border spending, and slashes social welfare and clean energy programs.
The bill permanently extends individual and corporate tax breaks, raises the child tax credit to $2,200, and introduces new deductions for tips, overtime, and senior citizens. However, it also reduces Medicaid and food aid, disproportionately affecting low-income Americans. New work requirements and co-payments will impact millions reliant on public assistance.
A staggering $350 billion is earmarked for border security, including the wall, 10,000 new ICE officers, and expanded detention facilities. Immigrants will face higher application fees, particularly in asylum cases.
The Pentagon will receive billions more, including $25 billion for the new "Golden Dome" missile defense system—Trump’s vision of a U.S. version of Israel’s Iron Dome. Billions are also allocated to the Artemis moon mission and future Mars exploration.
Trump Accounts, a new child savings scheme with potential Treasury deposits, is introduced. Meanwhile, clean energy incentives, including EV tax credits and solar/wind subsidies, are curtailed. A controversial provision blocks Medicaid payments to abortion providers for one year.
The legislation also eliminates a $200 tax on gun silencers and short-barreled firearms, imposes a 1% remittance tax on international money transfers, and raises the national debt ceiling by $5 trillion. Despite Republican praise, the Congressional Budget Office projects a $3.3 trillion increase in deficits by 2034.
“Promises made, promises kept,” Trump declared, calling the bill a historic win for American families, businesses, and national security.