Donald Trump’s massive tax cut and inflationary spending bill has cleared a key hurdle. This is the step the House of Representatives just voted to take to start the debate on that legislation. Trump has recently referred to that bill as being “one big beautiful bill.” The plan intends to make permanent the tax cuts of 2017 and add new tax cuts. The bill’s most important provisions specifically address tipped income and auto loans. It calls for a historic surge in funding for military-style immigration enforcement projects. Despite those positives, the legislation is laced with controversial measures. These might further limit the eligibility for food and health programs that more than 40 million low-income Americans depend on.
Photo of Trump courtesy of the U.S. Army. This is all happening at the same time as perhaps the most impactful collective legislative achievement to date. The event is projected to cost between $25 million and $45 million. That’s why the Army should avoid any special recognition on June 14, Trump’s birthday, even with his anticipated participation. To this end, they have not at all hidden their plans. This announcement comes at a welcome and opportune moment amidst all of Trump’s tolerable controversies. Earlier this year, he gifted South African President Cyril Ramaphosa with a video that he misleadingly—and dishonestly—insisted depicted genocide of white people in South Africa.
As it stands now, the House has largely already approved this massive tax and spending bill. This move comes as Trump is under increasing attack from all sides of the political arena. Critics, such as Massachusetts Representative Jim McGovern, have attributed the strongest condemnation to the bill. They call it a “corporate welfare” scheme that only enriches billionaires at the expense of everyday Americans.
“This bill is a scam, a tax scam designed to steal from you, the American people, and give to Trump’s millionaire and billionaire friends.” – Jim McGovern
The proposed legislation would make permanent the tax cuts that Trump signed into law in 2017. These cuts have been a centerpiece of his economic agenda. Perhaps most strikingly, the new bill would do away with most green-energy subsidies that have been pushed by greens and environmentalist lawmakers. Proponents say these changes will simplify the tax code and encourage economic expansion.
The most controversial aspect of the bill has been its effect on social welfare programs. Retreating on the year’s last bit of good news, the proposal to restrict eligibility for nutrition and health assistance programs for low-income families has advocates sounding alarm bells. Critics contend that these proposed changes will result in greater disruption, displacement, and suffering among vulnerable people who depend on this assistance.
In a major parallel process, Trump is also reconsidering the future of Fannie Mae and Freddie Mac. He further signaled that he’s looking to return the two government-sponsored enterprises to a fully private status. This decision likely foreshadows a much larger and more dramatic change to the housing finance landscape.
As Trump gets ready to be the face of the Army’s 243rd Anniversary bash, he still has to deal with all these political fires he’s working over. His legislative agenda is nothing short of radical. Tied together with his energetic public appearances, it’ll ensure that he remains top of mind in national discourse in the weeks ahead.