On the morning of July 4th, President Donald Trump is preparing to sign his latest legislation — a massive spending and tax bill he’s calling the “One Big, Beautiful Bill.” He says there’s “no better birthday present for America” than this bill becoming law.
The announcement came after a night of celebration in Iowa, where Trump held a rally just hours after Congress passed the bill. Trump praised the bill as a victory for American workers, saying it raises take-home pay and delivers on major promises he made during his 2016 and 2020 campaigns.
“Every major promise I made to the people in Iowa became a promise kept,” Trump said at the rally.
What’s in the Bill?
The bill is packed with both popular tax cuts and controversial spending changes. Here’s a breakdown of the key items:
- No taxes on tips and overtime pay
- An increased estate tax exemption (up to $15 million)
- A new “Trump Account” for newborns: $1,000 investment accounts that grow tax-free
- An expanded child tax credit
- Higher SALT deduction cap for households earning under $500,000
Many Republicans support the tax cuts and praised Speaker of the House Mike Johnson for pushing the bill through, calling him a “miracle worker.” However, the bill also faced criticism within the GOP, especially for cuts to Medicaid and the SNAP food assistance program. In the end, only two Republicans voted against it.
A Political Power Move
Critics say the bill was pushed through as a single, massive package to avoid individual debate on the more controversial parts. Political commentator Hannah Cox called it a “smart political move,” but warned that bundling so many policies together allows Congress to sneak in unnecessary spending and corporate handouts.
“Most Americans don’t follow every detail of policy,” Cox said, “so it’s easier to pass things when they’re hidden in one big package.”
She also warned that while the tax cuts are good, the spending increases will keep growing the national debt. Lawmakers like Rep. Thomas Massie have called the bill fiscally irresponsible and a betrayal of conservative values.
Celebrating on the Fourth of July
President Trump is making the most of the timing. Today, he’ll host military families at the White House for a picnic, watch a flyover from the Air Force, and enjoy the July 4th fireworks. He’s using the day to declare a kind of “economic independence” for the country.
“This is a declaration of independence from national decline,” Trump said. “We’re no longer a laughingstock on the world stage.”
Democrats Respond
Not everyone is celebrating. President Biden called the bill “cruel,” and Vice President Kamala Harris said it would hurt millions of Americans by cutting vital programs like food stamps and healthcare.
Other Democrats have criticized the bill for giving more funding to ICE than even the FBI, saying it will increase deportations and harm immigrant communities. Rep. Robert Garcia said the legislation would cause “terror in our communities” by giving ICE too much power and not enough oversight.
Trump Talks Economy, Eggs, and Energy
At his Iowa rally, Trump also focused heavily on the economy, saying inflation is under control and the stock market is breaking records.
“The Fourth of July economy is roaring, wages are up, gas prices are down, and eggs are way down,” Trump said, joking that he was unfairly blamed for high egg prices just days into his presidency.
He also praised his energy policies, promising to keep rolling back regulations and invest in American energy independence. He criticized programs like the Tennessee Valley Authority for wasting taxpayer money on failed green energy plans.
Looking Ahead
Trump’s supporters see the bill as a major victory. His critics see it as reckless and harmful to the country’s future. But no matter where you stand, this much is clear — Trump isn’t slowing down.
He plans to continue promoting this bill across the country, using it as a key part of his campaign for 2024. Whether you call it a “birthday present” or a political gamble, it’s a bold move on the Fourth of July.
If you support or oppose the bill, make your voice heard — because this debate is far from over.