Recently, with a razor-thin majority, the Republican-controlled US House of Representatives passed US President Donald Trump's "One Big Beautiful Bill Act." This tax reform package extends the US$4.5 trillion tax cuts introduced during Trump's first term in 2017. It also fulfills Trump's campaign promises from last year, including exempting tips, overtime pay, and car loan interest from taxation.
To offset part of the revenue loss, the bill slashes hundreds of billions of dollars from Medicaid and nutrition assistance programs. Additionally, green energy tax credits introduced during former President Biden's term have been significantly rolled back. The legislation also raises the US debt ceiling by US$4 trillion.
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Tag:·One Big Beautiful Bill Act· Donald Trump· US tax cuts· green energy tax
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