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Trump's Tax Law Passes Amid Concerns Over National Debt and ...
2025-07-04 12:29:10
USA
Economy

Trump's Tax Law Passes Amid Concerns Over National Debt and Party Divide

The recent approval of President Trump's tax law by the US Congress marks a significant milestone for his administration. This legislation, described by Trump as the 'Big Beautiful Bill,' promises substantial tax reductions and increased funding for border security and military defense.

The House of Representatives narrowly passed the bill with a vote of 218 to 214, following Senate approval. Despite its potential economic benefits, concerns arise regarding the implications of raising the federal debt ceiling by $5 trillion and the long-term impact on the US dollar's reliability.

Critics within Trump's own party expressed apprehension over the growing national debt, reflecting a divide among Republicans. Nonetheless, the White House celebrates this legislative victory as a fulfillment of key campaign promises.

With a signing ceremony planned for July 4th, the bill is poised to reshape America's fiscal landscape, though its effects will likely spark ongoing debate about fiscal responsibility and economic sustainability.

Related news on that topic:

Trump's Tax Bill Passes Senate Amid Fierce Opposition and Debt ... Debt Concerns

The United States Senate has narrowly approved President Donald Trump's substantial tax and spending bill, termed the 'Big Beautiful Bill.' This legislative package is a key component of Trump's agenda and aims to deliver significant tax cuts, primarily benefiting wealthy individuals, while also increasing funds for border security and defense. However, the bill has been met with intense criticism for its projected impact on the national deficit and social welfare programs. The passage of this bill was a dramatic affair, requiring a tiebreaker vote from Vice President JD Vance, after a protracted and contentious debate. The legislation is projected to increase the national debt by more than $3 trillion over the next decade. To fund the tax cuts and defense spending, the bill proposes cuts to Medicaid and other social safety net programs, which has raised alarms among Democrats and some Republicans alike. Elon Musk, CEO of Tesla and SpaceX, has voiced strong opposition to the bill due to its potential to exacerbate national debt and harm clean energy initiatives. Musk has threatened to establish a new political entity, the 'America Party,' to challenge Trump's influence, especially if the bill becomes law. This legislative move has reignited debates about fiscal responsibility, with critics arguing that the tax cuts favor billionaires at the expense of vulnerable populations. As the bill moves to the House of Representatives for further consideration, its future remains uncertain. With the backdrop of potential political repercussions and economic consequences, the bill's progression will be closely watched by both domestic and international observers.

Trump's Tax Bill Passes Amid Fierce Opposition and Partisan ... Divides

The US Congress has passed President Donald Trump’s controversial tax bill, setting the stage for its signing on Independence Day. This legislation marks a significant victory for Trump, fulfilling key campaign promises such as tax cuts and increased funding for defense and border security. However, the bill has faced substantial criticism, particularly from Democrats, who argue that it disproportionately benefits the wealthy while imposing severe cuts on healthcare programs like Medicaid. Critics, including former President Joe Biden, have condemned the bill as reckless and cruel, citing the potential loss of healthcare coverage for millions of Americans. The bill extends tax relief measures from Trump’s first term and eliminates taxes on tips and overtime, while also allocating additional billions for defense and border protection. To finance these changes, the bill introduces new debt and reductions in healthcare funding for low-income citizens. This aspect has sparked opposition from within Trump’s own party, with some Republicans expressing concerns about escalating national debt. Despite these divisions, the bill narrowly passed in the House, with only a handful of Republicans joining Democrats in opposition. Democratic leader Hakeem Jeffries symbolically led the charge against the bill with an extended floor speech, labeling it as an abomination and criticizing its impact on vulnerable populations. The debate over the bill has highlighted deep partisan divides, with Democrats vowing to make its consequences a focal point in upcoming election campaigns. The passage of this bill underscores the ongoing tensions in American politics, as both sides grapple with balancing fiscal responsibility and social welfare priorities.

Read 10 more recent news on this topic

The press radar on this topic:

AFP
3. Juli 2025 um 18:55

US Congress Gives Final Approval to Trump's Tax Law - White House Calls it a "Victory"

The US Congress has given final approval to President Donald Trump's tax law, after both the Senate and the House of Representatives voted in favor. The package primarily includes tax cuts as well as increases for border protection and defense, which are to be financed through new debt and cuts to social security. Trump described this as a 'victory' for him.
n-tv.de
4. Juli 2025 um 06:08

"We will win, win, win": Trump celebrates himself and his tax law in Iowa - n-tv.de

US President Donald Trump warmly welcomed his supporters in Iowa after the controversial tax bill passed the House of Representatives by a vote of 218 to 214. Trump described the law as 'the biggest tax cut in American history' and assured that it would 'transform this country into a rocket.' The signing of the law is scheduled for July 4.
China Economy - South China Morning Post
4. Juli 2025 um 11:30

Did Trump get his ‘Big Beautiful Bill’ at the US dollar’s expense?

The 'One Big Beautiful Bill Act' passed the House of Representatives with a 218-214 vote and is expected to be signed into law by President Trump. The bill raises spending on border security and defense, makes permanent record tax cuts from 2017, and increases the federal debt ceiling by $5 trillion. Analysts warn that this will compound concerns over US long-term debt and the reliability of the US dollar as a safe-haven asset.
The Street
6. Juli 2025 um 07:27

'Big, beautiful bill' passes Congress and heads to Trump's desk

Congress has approved the "big, beautiful bill," which is a major legislative success for the President's economic agenda. The bill contains sweeping tax cuts and funding for improvements to the nation's infrastructure. Next the bill will be sent President Donald Trump's desk for him to sign. As the news is out, Bitcoin's price remains flat at $109,600.46. This is a breaking news. Please refresh for update.
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