On May 22, 2023, the U.S. Congress passed President Donald Trump's "One Big Beautiful Bill", covering a wide range of priorities including tax cuts and border security.
Key Provisions of the Bill
The bill includes making permanent the tax cuts enacted in 2017, eliminating taxes on tip income, increasing spending on immigration enforcement, and constructing a border wall. Trump has described the bill as a powerful package that will "get the country back on its feet."
Responses from Economists and the Public
Economic opinions are divided. Bernard Yaros from Oxford Economics predicts a short-term boost to the economy from tax cuts but warns of inflation and limited growth in the long term. The Main Street Alliance described the bill as a "Big, Ugly Bill", stating that it favors monopolies and billionaires while working families are left to bear the burden.
Conclusion and Expected Presidential Signature
The White House has announced that President Trump will sign the "One Big Beautiful Bill" at midnight on Friday. There are concerns about increasing the budget deficit, with the bill projected to add $3.3 trillion to it according to Congressional sources.
The passage of Trump's bill highlights the divided opinions among economists and the public, emphasizing potential long-term consequences.
