Republican Tax Bill

Extracted Attributes

• Signed by

  President Donald Trump

• Core Agenda

  President Donald Trump's second-term agenda

• Official Name

  One Big Beautiful Bill Act (OBBBA)

• Public Opinion

  Majority of Americans oppose the bill

• Signed into Law

  2025-07-04

• Alternative Name

  Big Beautiful Bill

• Legislative Body

  119th United States Congress

• Criticism: General

  Regressive tax structure, policies as gimmicks, significant wealth transfer from poor to rich, rolls back clean energy incentives, increases immigration enforcement

• Estimated GDP Increase

  0.6 percent long-run GDP (Tax Foundation estimate)

• Tax Provision: Silencers

  Repeals the tax on silencers

• Criticism: David Friedberg

  Labeled a 'disgrace' that would dangerously escalate the US National Debt and push towards a 'debt death spiral'

• Criticism: Hakeem Jeffries

  Called a 'reckless, regressive and reprehensible GOP tax scam'

• Estimated Deficit Increase

  $2.8 trillion by 2034 (CBO estimate)

• Tax Provision: Remittances

  Imposes a 1% tax on remittances

• Spending Provision: Defense

  Allocates $150 billion for new defense spending

• Tax Provision: Clean Energy

  Phases out some clean energy tax credits from the Inflation Reduction Act in favor of fossil fuels

• Spending Provision: Medicaid

  Cuts spending by 12%

• Tax Provision: Trump Accounts

  Creates tax-deferred accounts for children (expire 2028)

• Fiscal Provision: Debt Ceiling

  Raises by $5 trillion

• Estimated Tax Revenue Reduction

  $4.0 trillion from 2025 through 2034 (Tax Foundation estimate)

• Spending Provision: ICE Funding

  Increases funding for Immigration and Customs Enforcement (ICE) from $10 billion to over $100 billion by 2029

• Tax Provision: Child Tax Credit

  Permanently increases by $200

• Estimated Health Insurance Impact

  10.9 million Americans lose health insurance (CBO estimate)

• Spending Provision: SNAP Benefits

  Expands work requirements and shifts some costs to states

• Tax Provision: College Endowments

  Raises taxes on investment income from college endowments

• Tax Provision: SALT Deduction Cap

  Raises to $40,000 for taxpayers earning less than $500,000 (reverts to $10,000 after five years)

• Tax Provision: Individual Tax Rates

  Permanently extends individual tax rates enacted in 2017

• Tax Provision: Temporary Deductions

  Includes temporary tax deductions for tips, overtime pay, and auto loans (expire 2028)

• Spending Provision: Border Enforcement

  Allocates $150 billion for border enforcement and deportations

• Tax Provision: Semiconductor Manufacturing

  Increases a tax credit for advanced semiconductor manufacturing

Timeline

• Tax Foundation estimates the House GOP’s 'One Big Beautiful' tax bill would increase long-run GDP by 0.6 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034. (Source: Web Search Results)

  2025-05-13

• Tax Foundation publishes a detailed analysis of the 'One Big Beautiful Bill Act' House GOP Tax Plan. (Source: Web Search Results)

  2025-06-06

• The bill passes the Senate with Vice President JD Vance's tie-breaking vote. (Source: Web Search Results)

  2025-07-01

• The One Big Beautiful Bill Act is signed into law by President Donald Trump. (Source: Summary)

  2025-07-04

• Temporary tax deductions for tips, overtime pay, auto loans, and 'Trump Accounts' are set to expire. (Source: Summary)

  2028

• Funding for Immigration and Customs Enforcement (ICE) is projected to increase to over $100 billion. (Source: Wikipedia)

  2029

• The Congressional Budget Office (CBO) estimates the bill will increase the budget deficit by $2.8 trillion. (Source: Summary)

  2034

One Big Beautiful Bill Act

The One Big Beautiful Bill Act (acronyms OBBBA; OBBB; BBB), or the Big Beautiful Bill, is a U.S. federal statute passed by the 119th United States Congress containing tax and spending policies that form the core of President Donald Trump's second-term agenda. The bill was signed into law by President Trump on July 4, 2025. Although the law is popularly referred to as the One Big Beautiful Bill Act, this official short title was stripped from the bill during the Senate amendment process, and therefore the law officially has no short title. The OBBBA contains hundreds of provisions. It permanently extends the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. It also raises the cap on the state and local tax deduction to $40,000 for taxpayers making less than $500,000, with the cap reverting to $10,000 after five years. The OBBBA also includes several temporary tax deductions for tips, overtime pay, auto loans, and creates Trump Accounts, allowing parents to create tax-deferred accounts for the benefit of their children, all set to expire in 2028. It also includes a permanent $200 increase in the child tax credit, a 1% tax on remittances, and a tax hike on investment income from college endowments. In addition, it phases out some clean energy tax credits that were included in the Biden-era Inflation Reduction Act, and promotes fossil fuels over renewable energy. It increases a tax credit for advanced semiconductor manufacturing and repeals a tax on silencers. It raises the debt ceiling by $5 trillion. It makes a significant 12% cut to Medicaid spending. The OBBBA also expands work requirements for SNAP benefits (formerly called "food stamps") recipients and makes states responsible for some costs relating to the food assistance program. The OBBBA includes $150 billion in new defense spending and another $150 billion for border enforcement and deportations. The bill increases the funding for Immigration and Customs Enforcement (ICE) from $10 billion to more than $100 billion by 2029, making it the single most funded law enforcement agency in the federal government and more well funded than most countries' militaries. The Congressional Budget Office (CBO) estimates the bill will increase the budget deficit by $2.8 trillion by 2034 and cause 10.9 million Americans to lose health insurance coverage. Several think tanks, experts, and opponents have criticized the bill over its regressive tax structure, described many of its policies as gimmicks, and argue the bill would create the largest upward transfer of wealth from the poor to the rich in American history. It has also drawn controversy for rolling back clean energy incentives, increasing funding for immigration enforcement and deportations. According to multiple polls, a majority of Americans oppose the bill.

Web Search Results

• Here's what's in the big bill that just passed the Senate | PBS News

  Here’s the latest on what’s in the bill. There could be changes as GOP lawmakers continue to negotiate. Tax cuts are the priority ------------------------- Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump’s first term expire. The legislation contains about $4.5 trillion in tax cuts. [...] Leave your feedback Share Copy URL Email Facebook Twitter LinkedIn Pinterest Tumblr Share on FacebookShare on Twitter Here’s what’s in the big bill that just passed the Senate ========================================================= Politics Jul 1, 2025 5:14 PM EDT WASHINGTON (AP) — Republicans are getting closer to the finish line in getting their tax and spending cut bill through Congress with a final House vote possible on Wednesday. [...] At some 887 pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations. President Donald Trump has admonished Republicans, who hold majority power in the House and Senate, to skip their holiday vacations and deliver the bill by the Fourth of July. Educate your inbox ------------------ Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else.

• What's in the 2025 House Republican Tax Bill

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• Budget Reconciliation: Tracking the 2025 Trump Tax Cuts

  May 13, 2025: We estimate the House GOP’s “One Big Beautiful” tax bill under markup would increase long-run GDP by 0.6 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis. May 5, 2025:We estimate the tariffs imposed as of May 2025 would raise $2.1 trillion of revenue from 2025 through 2034, while reducing US economic output by 0.8 percent in the long run. [...] Image 16: Big Beautiful Bill House Ways and Means Tax Bill Trump Tax Cuts and Reform Details and Analysis Research June 6, 2025 July 3, 2025 ### “One Big Beautiful Bill Act” House GOP Tax Plan: Details and Analysis Our preliminary analysis finds the tax provisions increase long-run GDP by 0.8 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis before added interest costs. 9 min read [...] Letting the SALT cap slip further upwards would undercut the TCJA’s long-term legacy, worsening the fiscal outlook of the tax package and providing an unneeded benefit to higher earners. 4 min read Image 18: The One Big Beautiful Bill Explained Podcast May 20, 2025 June 4, 2025 ### The One Big Beautiful Bill, Explained We break down the House GOP’s One, Big, Beautiful Bill—a sweeping tax package designed to extend key parts of the 2017 Tax Cuts and Jobs Act before they expire in 2026.

• Here's how Trump's megabill will affect you | CNN Politics

  Seniors, students, taxpayers, children, parents, low-income Americans and just about everyone else will be affected by the massive tax and spending bill being hashed out in real time on Capitol Hill. Republicans call it President Donald Trump’s “One Big Beautiful Bill Act,” but there have been several versions. The latest passed the Senate on Tuesday with Vice President JD Vance’s tie-breaking vote. [...] Many taxpayers would continue to benefit from the array of individual income tax cuts from the 2017 Trump tax package that are set to expire at year’s end. The current bill would permanently extend essentially all those tax breaks, including the lower individual rates and a near-doubling of the standard deduction. [...] But the lowest-income households, who earn about $35,000 or less, would receive an average tax cut of only $150, less than 1% of their after-tax income. Middle-income households would see their taxes reduced by about $1,800, or 2.3% of their after-tax income, on average.

• The key items in Trump's 'big, beautiful bill' - BBC

  Published Time: 2025-05-22T20:58:14.878Z The key items in Republican's 'big beautiful bill' =============== Skip to content Advertisement Watch Live over the next decade. Senate Republicans are racing to pass the bill ahead of a self-imposed 4 July deadline in order to send it to Trump's desk for signing into law. Here's a look at some of its key items. Social Security taxes --------------------- [...] House Minority Leader Hakeem Jeffries called it a "reckless, regressive and reprehensible GOP tax scam" and pledged to use the bill against Republicans in next year's Midterm elections. US House passes Trump's 'big, beautiful' tax and spending bill -------------------------------------------------------------- US politics US Congress United States Related [...] Senate Republicans are also looking to extend Social Security tax breaks and have proposed an increase that would grant a $6,000 tax deduction for older Americans. More Medicaid requirements -------------------------- To help finance tax cuts elsewhere, Republicans have added additional restrictions and requirements for Medicaid, the healthcare programme relied upon by millions of elderly, disabled and low-income Americans.