House Passes Trump's Tax Cut Bill
The House has passed a version of President Donald Trump's tax cut bill, which includes over $5 trillion in tax cuts and over $1 trillion in cuts to programs like food stamps and Medicaid. House Speaker Mike Johnson says the bill benefits small business owners who create jobs.
The House passed its version of President Donald Trump's tax cut bill last year. The bill, known as the One Big Beautiful Bill Act, pairs a $5 trillion-plus tax cut with $1 trillion-plus of cuts from food stamps and Medicaid. House Speaker Mike Johnson explained that the bill's beneficiaries are 'small business owners' that 'provide the jobs in every community in America'. However, critics argue that the bill overwhelmingly serves the interests of the rich.
According to a preliminary assessment, the tax cuts in the bill would largely benefit multimillionaires. The bill's impact on government revenue and social programs has been a subject of debate.
The House speaker's comments about the bill's benefits have been met with skepticism by some, who argue that the bill's true beneficiaries are not small business owners, but rather the wealthy.
The bill's passage in the House is a significant step, but it still needs to be approved by the Senate and signed into law by the President.
Go Deeper
What is the One Big Beautiful Bill Act?
The One Big Beautiful Bill Act is a tax cut bill proposed by President Donald Trump, which includes over $5 trillion in tax cuts and over $1 trillion in cuts to programs like food stamps and Medicaid.
Who benefits from the tax cuts in the bill?
According to critics, the tax cuts in the bill would largely benefit multimillionaires, rather than small business owners as claimed by House Speaker Mike Johnson.
What programs would be cut under the bill?
The bill would cut over $1 trillion from programs like food stamps and Medicaid.
What is the current status of the bill?
The bill has passed the House, but still needs to be approved by the Senate and signed into law by the President.
Why is the bill controversial?
The bill is controversial because it would deprive the government of tax revenue and overwhelmingly serve the interests of the rich, while cutting programs that benefit low-income individuals and families.
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