President Donald Trump’s tax and expenditure package exceeded his final obstacle on Thursday (July 3), as the Republican House of Representatives closely approved measures and the President brought the main legislative victory on 4 July.
The vote of 218–214 reduced the marathon pressure of the Republicans to pass $ 3.4 trillion “one big beautiful account”, which will allow Trump’s tax of 2017 permanently, delivers new tax relief and finance its immigration intervention. Legislation also reduces health care and food programs and cancels dozens of incentives of green energy.
Thin edge
Despite the deep concern for the price tag of Bill and the impact on health care, only two out of 220 Republicans broke the series to vote against it. Every Democrat opposed measures and warned that he would enrich the rich at the expense of working families.
“The focus of this law, justification of all the cuts that will hurt everyday Americans is to provide massive tax reliefs for billionaires,” said democratic leader Hake Jeffries, who submitted an 8-hour, 46-minute speech-the most in the history of the house-to-to-judge.
The Tax Act was approved by the Senate at the beginning of this week at a vote of 51–50, while the Vice President JD Vance was occupied by Tiebreaker.
The massive impact of debt
According to the Congress Budget Office (CBO), legislation will reduce tax revenues by $ 4.5 trillion in $ 10 and reduce spending by $ 1.1 trillion, resulting in a net add $ 3.4 trillion to state debt, which now exceeds $ 36 trillion.
Medicaid cuts
Most of the reduction of expenditure comes from cuts to Medicaid, which provides health coverage to 71 million Americans with low income. The draft Tax and Expenditure Act stores stricter registration standards, work requirements and limits for maneuvers of state financing financing – changes that are expected to leave almost 12 million people uninsured.
To alleviate the will, Republicans included $ 50 billion for rural health providers to prevent extensive closure of the hospital.
Republicans praise “historical relief”
GOP legislators described the legislation as a generation success.
“Historical tax relief for working families. Massive investments to ensure the boundaries of our nation. Shipping generational savings. Reducing waste, fraud and abuse in government programs,” said Virginia Foxx from North Carolina.
Trump himself aggressively lobbied for the legislators and published on the social media: “It should be easy for Republicans to vote. Ridicated !!!”
Tax cuts
The Tax Act will be locked in the Trump 2017 tax cut, which were set at the end of the year and prevented the tax increase for individuals and companies. It also expands tax relief for: parents, seniors, workers, overtime rewards and car loans.
What will be next
Trump is expected to sign measures into the law and limits a two -week sprint seen by Republicans who organize overnight and work over the weekend to meet the date of the President’s independence.
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