Last Thursday (July 3), the US House of Representatives narrowly passed President Donald Trump's much-touted "One Big Beautiful Bill Act" with a vote of 218 to 214, sending it to Trump for final approval.
According to The Wall Street Journal, the Act includes provisions aimed at short-term economic growth, such as temporary tax breaks on tips and overtime income, as well as increased defense and border security spending in the near term.
However, most personal tax relief measures are set to phase out in the coming years. After the midterm elections next year, welfare programs like Medicaid are expected to face significant cuts.
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Tag:·Donald Trump· One Big Beautiful Bill· US tax cuts· US Medicaid· personal tax relief
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