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The U.S. House of Representatives has formally passed President Donald Trump’s “One Big Beautiful Bill,” one of his most comprehensive legislative packages. The bill, which brings together a range of priorities from tax cuts to border security, aims to enact a series of goals that Republicans have been working on for a long time.
The bill includes making permanent Trump’s tax cuts that went into effect in 2017, no tax on tip income, increased spending on immigration enforcement, and construction of a border wall. Trump announced weeks before taking office that the bill would be a large and powerful package that would “get the country back on its feet.”
“Members of Congress are working on powerful legislation that will bring our country back and make it greater than ever,” Trump said on Jan. 5. “We must secure our borders, unleash American energy, and renew the Trump Tax Cuts, the largest tax cut in history.”
Republicans used the advantage of having a majority in both chambers to pass the bill in the House on May 22. However, some changes were made in the Senate to pass the bill with a simple majority. After these changes, the bill was sent back to the House for a final vote and was approved in its final form in the vote held today.
The White House announced that President Trump will sign the “One Big Beautiful Bill” at midnight on Friday.
Economists are divided on the economic impact of the law. Bernard Yaros, chief U.S. economist at Oxford Economics, predicts that spending will increase in the short term and the economy will be boosted, particularly by tax cuts on tips, overtime, car loan interest and expanded state and local tax credits. But he says that in the long run, these individual tax cuts will lead to price increases and will have limited economic growth.
Yaros also said that the effects of cuts to social assistance programs such as Medicaid and SNAP and the rollback of climate incentives under the Disinflation Act will be felt more clearly starting in 2026, and that real GDP will increase by only 0.1 percent by 2030.
In response, the Main Street Alliance, which represents more than 30,000 small businesses in the U.S., called the bill a “Big, Ugly Bill.” “This bill surrenders the promise of freedom and justice to the interests of monopolies and billionaire donors, while working families are still footing the bill,” it said in a statement.
The International Monetary Fund (IMF) also warned about the law. IMF spokesperson Julie Kozack said Trump’s new tax law could make it harder to reduce budget deficits and public debt in the coming years. “This law runs counter to the goal of reducing debt in the medium term,” Kozack said, adding that according to Congressional Budget Office data, the law would increase the budget deficit by $3.3 trillion.
*This is not investment advice.