#OneBigBeautifulBill President Trump signed the One Big Beautiful Bill Act on July 4, 2025, marking a sweeping legislative overhaul of taxes, spending, and immigrant enforcement 🇺🇸 . The law permanently extends Trump-era tax cuts (including the 2017 brackets, standard deduction boost, new tip/overtime breaks), ramps up capital-expensing for businesses, and injects $150 billion each into defense and border security — but also slashes Medicaid and SNAP funding, risking coverage loss for roughly 10–11 million Americans by 2034 .

Fiscal hawks warn it will add $2.8–3.4 trillion to the deficit over a decade . Critics like Elon Musk label it a “disgusting abomination” that jeopardizes “industries of the future” and could spell political disaster for the GOP .

On the flip side, proponents argue it fuels economic growth—enhancing small‑business expensing, clean AI clarity, and tax relief—with expectations of stronger employment and Main Street prosperity .