The "One Big Beautiful Bill" is a comprehensive tax and spending reform proposal put forward by former U.S. President Donald Trump, aimed at stimulating economic growth through significant tax cuts and policy adjustments.

Supporters' Views

According to information released by the White House, the bill is promoted as "beneficial for families," with key arguments including:

Significant Tax Cuts: The average tax burden for the middle class is reduced by about 15%, with families earning between $30,000 and $80,000 receiving about $5,000 in tax relief.

Tax Exemptions: Implementing tax exemptions for tips in the service industry, overtime pay, Social Security income, etc., particularly benefiting occupations such as nurses and police.

Child Tax Credit (CTC): Increasing the CTC from $2,000 to $2,500 per child, indexed to inflation.

Family Savings Accounts: Establishing "MAGI Accounts," providing a $1,000 initial savings fund for each newborn to encourage family financial management.

Border Security: Allocating $70 billion for border security, including measures such as building a border wall and increasing law enforcement personnel.

Healthcare and Education Reform: Adjustments to Medicaid and education funding aimed at improving efficiency and fairness.

Critics' Views

Increased Fiscal Deficit: The Congressional Budget Office (CBO) estimates that the bill will increase the federal deficit by $2.4 trillion over the next decade.

Cuts to Social Welfare: Reductions in Medicaid and the Supplemental Nutrition Assistance Program (SNAP) are expected to lead to millions losing health insurance and food assistance.

Child Tax Credit Restrictions: New regulations require both parents to have Social Security Numbers (SSN) to apply for the CTC, which may disqualify millions of American citizen children due to parental identity issues.

Wealthy Benefiting More: Raising the state and local tax deduction limit (SALT) to $40,000, primarily benefiting high-income families.

Environmental Policy Rollback: Repealing green energy incentives from the Biden administration and shifting support to fossil fuel projects.

Controversial Provisions: Including restrictions on tax exemptions for non-profit organizations and a pause on AI regulation.

Conclusion

Although the "Beautiful Bill" passed the House by a narrow margin, it faces significant resistance in the Senate, including opposition from some Republican members, and the final fate of the bill remains uncertain.

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