05.07.2025 08:01
U.S. President Donald Trump signed a bill into law that includes comprehensive tax cuts and spending reductions. The bill, which encompasses a total of $4.5 trillion in cuts, has been emphasized as the largest of its kind in the country's history. Trump stated that this regulation would trigger economic growth.
Trump made statements regarding the tax and spending bill passed by Congress during the July 4th Independence Day celebration held at the White House.
Trump, who stated, "When I sign the bill, we will have formalized our greatest victory to date," emphasized that the legislation is the "largest bill of its kind" in the country's history.
NO DEMOCRAT VOTED 'YES'
Pointing out that no Democrat voted "yes" on the bill, Trump said, "We knew this because their hatred for the country, for me, or for both is immense. They never voted, and that is a terrible thing. If you see something negative put forth by the Democrats, it is completely a deception."
Trump explained that the bill includes the largest tax cut, the largest spending reduction, and the largest investment in border security in American history.
"IT WILL TRIGGER MASSIVE ECONOMIC GROWTH"
Thanking the members of the House of Representatives and senators who worked to bring the bill to his desk, Trump stated, "This bill will trigger massive economic growth and lift hardworking citizens like factory workers, farmers, mechanics, waiters, police officers, firefighters, and coal miners who keep the country standing."
"THE STOCK MARKET IS AT AN ALL-TIME HIGH"
Trump emphasized that they will not only have the strongest economy in the world but also the strongest borders in the world.
Stating that trillions of dollars are flowing into the country, Trump said, "The stock market is at an all-time high. Employment is at an all-time high. Everything is at an all-time high, and we will continue this way."
After his speech, Trump signed the legislation, referred to as the "Great Beautiful Bill," into law.
THE LEGISLATION INCLUDES TAX CUTS AND SPENDING REDUCTIONS
The legislation, which makes the tax cuts from President Trump's first term permanent and expands their scope, foresees significant funding for border security and immigration enforcement, as well as an increase in defense spending.
The legislation also includes spending cuts to ensure that programs like Medicaid and SNAP, which provide health insurance and nutrition assistance to low-income individuals, are "directed only to those who truly need it."
The legislation removes clean energy incentives while offering new tax incentives for domestic energy production and sectors like coal.
The legislation also includes provisions for tax exemptions on tips, overtime, or certain vehicle loan interest.