Donald Trump is urging the passage of his bill before July 4, fulfilling his promise to the American people. The message from the White House has been sent to Senate offices, emphasizing that signing the updated version of the H.R. 1 law is crucial and asserting that no mistakes should be made. This bill, titled the One Big Beautiful Bill Act, aims to ensure the continuation of the tax reforms Trump previously proposed. It includes tax exemptions for tips, overtime pay, along with many benefits for seniors and areas in need of investment.
Economic momentum from H.R. 1
The White House asserts that if the bill passes, Americans will see an increase in income. Trump's Economic Council estimates that a family of four could save between $7,600 and $10,900 each year just in the next four years. The bill also promises to create or protect about 7.2 million new jobs.
To achieve this, H.R. 1 expands favorable depreciation rules and allows companies to fully recoup investments in plants and facility upgrades. This aims to boost manufacturing in the U.S., creating a solid foundation for the economy.
Trump's energy priorities
The bill also emphasizes energy priorities. H.R. 1 will facilitate permitting for resource extraction and expand production areas on public land. The White House claims this decision will help reduce energy costs for citizens.
Environmental protection programs deemed wasteful will be cut to enhance investments in the energy sector and help ensure national energy security.
Investment in border security and defense
Organizations under Trump's leadership claim that H.R. 1 includes the largest investment in border protection in U.S. history. This includes funds for the border wall that Trump promised, bonuses for border patrol agents, and support for the Coast Guard to ensure maritime safety.
This bill also commits to preventing fentanyl trafficking and strengthening national security through the strategy of 'Peace through Strength'. The reinvestment of $1 million into the U.S. military is also part of this program.
Tax and spending adjustments
Although supported by Trump, Senate lawmakers made some important adjustments to the tax provisions. One major change is reducing the standard deduction to $15,750 for single taxpayers.
Meanwhile, the House version proposed a deduction of $16,000 and $32,000 for couples, which would help citizens receive larger tax returns before the 2025 election. However, the Senate's plan has pushed the implementation timeline to 2026.
Federal spending and cost-cutting
In addition to tax adjustments, H.R. 1 also strongly focuses on reducing federal spending, claiming to be the largest cost-cutting package in U.S. history. The White House stated that this will minimize waste while still maintaining necessary support for those in need.
Working conditions for those able to work and checks on immigration status will be added to the regulations to eliminate illegal immigrants from taxpayer-funded programs.
Major political pressures and commitments from the White House
All content in the bill emphasizes the message from the Trump administration: deliver results before July 4, or face political consequences. The One Big Beautiful Bill Act reflects the common priorities of Congress and the Administration.
Trump urges Congress to get the job done before the holiday, putting significant pressure on lawmakers to take necessary steps. Time is running out, and the economic future is in their hands.
Source: https://tintucbitcoin.com/luat-lon-cua-trump-nha-trang-canh-bao-quoc-hoi/
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