The Great Beauty Act narrowly passed the procedural vote in the Senate. As the most critical and core issue of Trump's second term, it is necessary to understand the key points of the bill:

1. Increase the debt ceiling: The proposed increase of the debt ceiling is $5 trillion (the House version is $4 trillion), ensuring the U.S. government's ability to repay debts.

2. Extend tax cuts: The tax cuts from Trump's 2017 policy (originally set to expire on December 31) will be extended to all income groups, maintaining the highest tax rate at 37%. The closure of corporate tax deductions will continue, and the estate tax exemption will be raised to $15 million per person.

3. Increase defense funding: Approximately $157 billion in military spending is approved, with $29 billion allocated for shipbuilding and maritime capacity development, $25 billion for the Iron Dome missile defense system, and $25 billion for ammunition reserves.

4. Strengthen immigration enforcement funding: Over $150 billion is allocated for immigration enforcement, with an additional $45 billion for immigration detention, and $13.5 billion as subsidies to local governments participating in immigration enforcement.

5. Eliminate clean energy credits: The electric vehicle purchase credit policy will terminate on September 30. Wind and solar projects must be connected to the grid by December 31, 2027, to receive tax benefits, and hydrogen projects must begin by January 1, 2028.

6. Introduce new tax deductions: This includes several threshold deduction policies proposed during Trump's campaign: a maximum of $25,000 per person for 'tip tax exemption' deductions, a maximum of $12,500 (or $25,000 for couples) for 'overtime income tax exemption' deductions, a $6,000 special deduction for seniors (a scaled-back version of the 'Social Security tax exemption' promise), and a $10,000 deduction for interest on loans for new cars made in the U.S.

7. Cut Medicaid spending:

8. Relax SALT deduction limits: The cap on state and local tax (SALT) deductions will be raised to $40,000, increasing by 1% each year until 2029, and then reverting to $10,000 in 2030.

9. Special provisions for AI regulation:

10. Reform student loan repayment plans: Terminate income-driven repayment plans, including the Biden-suspended SAVE plan, and establish two new repayment models linked to standards and income for loans issued after July 1, 2026.

11. Require state governments to bear more costs for food stamps:

12. Increase the child tax credit: