President 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.<\/p>\n
The Republican-led House approved the package by a 218\u2013214 vote, delivering on several of Trump\u2019s 2024 campaign promises: making the 2017 tax cuts permanent, expanding tax breaks, boosting immigration enforcement, and slashing social and green energy programs.<\/p>\n
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 \u201chistoric tax relief,\u201d while Democrats unanimously opposed it, calling it a giveaway to the wealthy at the expense of low-income Americans.<\/p>\n
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.<\/p>\n
The bill also dedicates $350 billion to immigration enforcement, including hiring 10,000 new ICE officers and funding detention facilities to support Trump\u2019s goal of deporting a million undocumented immigrants annually. Defense spending rises, with billions for shipbuilding, missile defense, and border operations.<\/p>\n
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.<\/p>\n
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\u2019s Artemis moon mission, a \u201cNational Garden of American Heroes,\u201d and a new children\u2019s savings plan, dubbed \u201cTrump Accounts.\u201d<\/p>\n
The bill raises the debt ceiling by $5 trillion, marking it as a centerpiece of Trump\u2019s second-term agenda \u2014 and one of the most consequential fiscal laws in decades.<\/p>\n
Know More about President 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\u2013214 vote, delivering on several of Trump\u2019s 2024 campaign promises: making the 2017 tax cuts permanent, expanding tax breaks, […]<\/p>\n","protected":false},"author":3,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1365,1370,1362],"tags":[],"ppma_author":[1330],"class_list":{"0":"post-11123","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-news","8":"category-finance-economy-blog","9":"category-finance-and-economy-news"}," _eael_post_view_count":0,"authors":[{"term_id":1330,"user_id":3,"is_guest":0,"slug":"aman","display_name":"Aman","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/ee3398f621a1f7fd617166e7edeb33db666027e952f72dac307cf02837120170?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":""}],"_links":{"self":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/comments?post=11123"}],"version-history":[{"count":5,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11123\/revisions"}],"predecessor-version":[{"id":11173,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11123\/revisions\/11173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media\/10774"}],"wp:attachment":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media?parent=11123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/categories?post=11123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/tags?post=11123"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/ppma_author?post=11123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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