But the former head of the federal budget-cutting DOGE department warned Trump’s bill would ‘destroy millions of jobs in America and cause immense strategic harm to our country.’
Supporters argue permanent rate cuts will spur investment and wage growth, while critics reckon the benefits are skewed heavily toward the top one percent, widening income inequality.
Here’s a break down of what’s in the ‘Big, Beautiful Bill’ and who it impacts…
What’s in Trump’s ‘Big Beautiful Bill?’
Tax cuts
The bill will extend on the 2017 tax rate cuts Trump put forward during his first presidency, for individuals and corporations.
‘Hard working’ Americans will see an average increase in take-home pay of more $10,000 per year, according to the White House.
A 15 percent tax cut for Americans earning between $30,000 and $80,000 per year has also been promised, while overtime and tipped workers will save almost $2,000 a year.
Some 40 million families will also be supported by the child tax credit being made permanent.Welfare rollbacks
The bill will target health programme Medicaid; the largest program providing medical and health-related services to low-income people.
Some 12 million people could now be left without health insurance, according to the Congressional Budget Office.
Cuts to the Supplemental Nutrition Assistance Program (SNAP) – formerly known as food stamps – will also be enforced.
Some 42 million Americans, living across 22 million households, use SNAP, the New York Times reports.
