US Independence Day Live Updates: What’s in Trump’s ‘Big Beautiful Bill’?
US President Donald Trump’s nearly 900-page tax and spending bill passed the House 218-214 on Thursday after Senate approval, with Vice President JD Vance casting the tie-breaking vote. The bill includes $4.5 trillion in tax cuts, military funding, and deep spending reductions, and is set to be signed by July 4. The bill makes Trump-era tax rates permanent and adds deductions for tips, overtime, and auto loans.
A $6,000 deduction is added for older adults earning under $75,000. The child tax credit rises to $2,200, though lower-income families may not receive the full amount. The SALT cap increases to $40,000 for five years.
Businesses get immediate write-offs on equipment, and wealthy households stand to gain about $12,000, while the poorest could lose $1,600 due to benefit cuts (CBO).
(With inputs from AP. Read full report here)