Trump signs “big, beautiful” tax bill
5 July 09:15
On the evening of Friday, July 4, US President Donald Trump signed a “great big beautiful” bill he personally called “the great big bill” on tax cuts and a possible increase in the US debt ceiling by more than $4 trillion (3.4 trillion euros).
This was reported by "Komersant Ukrainian" with reference to DW.
“This is good,” he commented on his actions, signing the document with a marker, surrounded by dozens of Republican lawmakers in the White House.
“America wins, wins, wins like never before,” Trump added after signing, concluding the ceremony dedicated to the US Independence Day.
Shortly after the Senate’s approval, the House of Representatives of the US Congress approved the “great great” bill promoted by the president on July 3. The document was supported by a narrow margin: “218 congressmen were in favor, 214 were against.
The draft law provides for tax cuts, increased funding for the immigration service, and reduced spending on the Medicaid program, which helps pay for medical expenses for the poor, disabled, children from low-income families, and other socially vulnerable people. At the same time, it calls for increased spending in the defense sector, in particular, on the development of the Golden Dome missile defense system.
One of the most active opponents of the initiative is billionaire and one of the founders of Tesla, Elon Musk, who claims that Trump’s bill will drive the country’s population into a debt hole. Musk’s criticism of the document led to a quarrel and an exchange of insults between the entrepreneur and the head of state.
