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Trump’s massive tax bill passes, reshaping U.S. economy

House Republicans secured a narrow 218-214 win on a sweeping bill that cuts taxes and slashes Medicaid, handing President Donald Trump a major legislative victory on July 4.

The bill makes 2017 tax cuts permanent, adds breaks for tips and overtime, and rolls back clean energy credits — while slashing nearly $1 trillion from Medicaid and food aid, which Democrats warn could leave millions uninsured. Trump is expected to sign it at a White House ceremony today.

Finger Lakes Partners (Billboard)

The bill’s passage followed intense lobbying, a record-breaking speech from Minority Leader Hakeem Jeffries, and late-night negotiations. Only two GOP members opposed it. Trump now claims even greater control over his party heading into the 2026 midterms.



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