The major spending and tax bill has officially been signed into law by the President of the United States, marking the beginning of a new phase in national financial policy.
This bill includes tax cuts, reductions in health insurance and nutrition assistance spending, while increasing spending for defense and border security, causing significant party disagreements and broad impacts on the federal budget.
MAIN CONTENT
The tax and spending bill was signed into law by the President of the United States on July 4, marking an important step in financial policy.
The policy of tax cuts and reductions in health and nutrition assistance has sparked much controversy in the U.S. Congress.
It is expected that the bill will increase the federal budget deficit by $3.3 trillion over the next 10 years and affect tens of millions of beneficiaries.
What does this tax and spending bill mean for U.S. financial policy?
According to the President of the United States, this is a "big and beautiful" bill aimed at promoting economic growth and strengthening national security, reflecting a comprehensive governance vision in the context of rising budget deficits.
Mr. Trump stated that the bill would help reduce taxes for individuals and businesses while prioritizing increasing defense and border control to ensure security. At the same time, spending on health insurance and nutrition assistance programs will be reduced to cut public spending. The bill is the result of coordination between the White House and Congress, but there are still many controversial points regarding its long-term impact.
"The bill is an important step reflecting the U.S. Government's commitment to balancing economic development and social responsibility."
Donald Trump, President of the United States, July 4, 2024
Why is the bill controversial in the U.S. Congress?
The bill has been mainly opposed by Democrats in the House, along with two Republican lawmakers, due to concerns over increasing the budget deficit and negative impacts on vulnerable groups relying on government assistance.
On July 3, during a vote in the House, the bill was only narrowly passed due to internal party divisions. Democrats criticized that the cuts to assistance would cause millions of Americans to lose basic health and food support, while increasing the income gap. A financial expert's report estimates that the bill will increase the budget deficit by approximately $3.3 trillion over the next decade, further straining the budget situation.
"The cuts to health and nutrition assistance will severely impact the lives of tens of millions of low-income Americans."
John Thune, U.S. Senate Majority Leader, July 2024
What are the long-term financial impacts of this bill?
Economists believe that although the bill stimulates short-term economic growth through tax cuts and increased defense spending, pushing the budget deficit to $3.3 trillion over the next 10 years could put pressure on monetary policy and inflation in the future.
The federal budget is under significant pressure from new spending and defense commitments, while cuts to health and nutrition assistance raise concerns about social inequality. Experts at the U.S. Financial Policy Institute point out that the government needs supplementary measures to control long-term deficits to maintain economic stability.
How does the bill affect people receiving health and nutrition assistance?
Tens of millions of Americans will be affected when health and food assistance programs are cut, according to analysis from the U.S. Social Policy Institute. Beneficiaries are mainly from low- and middle-income groups, the most vulnerable in the context of tightened social spending.
Although the administration emphasizes that other welfare measures will be developed, social organizations warn of the increased risk of poverty and public health decline if assistance is significantly reduced.
How did Congressional leaders and the President of the United States coordinate to pass the bill?
The process of passing the bill demonstrates close coordination between the President and Congressional leaders, with the Senate playing a decisive role in passing the bill with support from the majority of Republicans.
Mr. Trump gave special praise to Senate Majority Leader John Thune and House Speaker Mike Johnson for their contributions to advancing the bill. The signing action on the occasion of the U.S. Independence Day carries significant political meaning, demonstrating unity and determination to implement the administration's financial policy.
Policy Advantages Disadvantages Impact Targets Tax Cuts Stimulate businesses, increase investment Increase budget deficit Taxpayers, businesses Reductions in health and nutrition assistance Cut public spending Risk of health decline, increased poverty Low-income individuals, vulnerable groups Increased defense spending, border security Strengthen security, create jobs Pressure on the budget, increased deficit Communities, armed forces
Frequently Asked Questions
How much will this bill increase the budget deficit?
According to estimates, the bill will increase the budget deficit by about $3.3 trillion over the next 10 years, putting great pressure on national finances.
Why do many lawmakers oppose the bill?
The opposition fears that cuts to assistance will affect low-income individuals and increase social inequality.
Does this bill help economic growth?
Tax cuts may stimulate investment and short-term growth, but the long-term impact depends on controlling the budget deficit.
What is the specific impact on beneficiaries?
Tens of millions of people could lose health and nutrition support, leading to increased health risks and reduced social welfare.
Who is behind the passage of the bill?
The President and Congressional leaders, particularly the Republican Senate and House, play a key role in planning and promoting the bill.
Source: https://tintucbitcoin.com/bitcoin-ethereum-giam-sau-luat-thue-moi/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
