Business NewsFinance and EconomyFinance and Economy NewsTrump’s Tax and Spending Bill Passes House, Paving Way for Major OverhaulHarvard Nears Landmark Deal with Trump Administration Amid Funding Freeze and Legal BattleLast updated: July 7, 2025 5:17 pmAuthor- AmanShare3 Min ReadSHAREPresident Donald Trump secured a key legislative victory on Thursday as the House of Representatives narrowly passed his sweeping tax-cut and spending bill, which now awaits his signature.The Republican-led House approved the package by a 218–214 vote, delivering on several of Trump’s 2024 campaign promises: making the 2017 tax cuts permanent, expanding tax breaks, boosting immigration enforcement, and slashing social and green energy programs.The bill, already cleared by the Senate, is projected to add $3.3 trillion to the national debt over 10 years, according to the Congressional Budget Office (CBO). Despite its cost, Republicans hailed it as “historic tax relief,” while Democrats unanimously opposed it, calling it a giveaway to the wealthy at the expense of low-income Americans.Key provisions include permanent 2017 tax cuts, new deductions for tips, overtime, and auto loans, and a larger child tax credit of $2,200. Seniors earning up to $75,000 will get a $6,000 tax break, and the SALT deduction cap rises to $40,000. Business tax perks, like 100% write-offs for equipment and R&D, aim to stimulate growth.The bill also dedicates $350 billion to immigration enforcement, including hiring 10,000 new ICE officers and funding detention facilities to support Trump’s goal of deporting a million undocumented immigrants annually. Defense spending rises, with billions for shipbuilding, missile defense, and border operations.To offset costs, Medicaid and SNAP (food assistance) face deep cuts, with stricter work requirements and higher copays. The CBO warns 11.8 million could lose insurance and 3 million could lose food aid.The legislation dismantles Biden-era green energy incentives, cuts wind and solar credits, and ends EV tax breaks early, while expanding coal subsidies. It also funds NASA’s Artemis moon mission, a “National Garden of American Heroes,” and a new children’s savings plan, dubbed “Trump Accounts.”The bill raises the debt ceiling by $5 trillion, marking it as a centerpiece of Trump’s second-term agenda — and one of the most consequential fiscal laws in decades.Know More aboutFii Dii ActivityNiftyTraderYou Might Also LikeRate Cut Meets Falling Rupee: India’s Markets Enter a New Tug-of-WarGovt Shuts Door on FDI Limit Hike, Merger Chatter; PSU Bank Rally Now Hinges on FundamentalsRBI Cuts Repo Rate to 5.25%; Announces ₹1 Lakh Crore OMO & $5 Billion USD/INR SwapUndervalued Rupee Could Attract Foreign Investors Back to Indian Markets, Say BrokeragesRupee Bounces Back From Intraday Weakness, Closes at 89.92 Against the DollarShare This ArticleFacebookCopy LinkShare Previous Article Air India Denies Allegations of Coercion Over Crash Compensation Forms Next Article India’s Forex Reserves Rise by $4.8 Billion to $702.78 Billion Stay Connected3.9kFollowersLike1.5kFollowersFollow10FollowersPin261FollowersFollow22.9kSubscribersSubscribe20kFollowersFollow561FollowersFollowLatest NewsCAMS Stock Appears to Plunge After 1:5 Split — But the Drop Is Only a Technical AdjustmentStock Market NewsDecember 5, 2025Trading Platforms Face Downtime as Cloudflare Outage Spreads to Zerodha, Groww and OthersStock Market NewsDecember 5, 2025IndiGo Shares Rebound After DGCA Grants Partial Relief on Pilot Duty NormsStock Market NewsDecember 5, 2025Rate Cut Meets a Falling Rupee: Yes Bank, Union Bank Shares Rise Up to 3% on Bank Nifty InclusionStock Market NewsDecember 5, 2025