President Donald Trump has achieved his goal of signing on Friday, coinciding with Independence Day, the “great and beautiful” tax bill that Congress approved on Thursday, at the end of a complex and arduous process that has caused division within the Republican Party but that the president has celebrated as a “victory.”
Trump has claimed that this is “the most popular law” in the United States, advocating, among other things, for massive cuts in taxes and public spending, as well as for allocating more funds to “modernize” the Armed Forces or improve border security. “We want strong borders,” he emphasized in a speech.
The president, who assumes that this law will promote “massive economic growth” and “lift up hardworking citizens who make the country work,” has thanked the efforts of the top Republican leaders in Congress for pushing forward the reform.
What are the negative impacts of the law?
The law will lower taxes and increase military and immigration surveillance spending, but it will reduce the allocation for healthcare. In addition, it is anticipated that nearly twelve million people will be left without health insurance by 2034.
The Congressional Budget Office also estimates that the fiscal package will add $3.3 trillion to the deficit over 10 years.
The technical and political criticisms against this law could complicate several Republican representatives in the legislative elections of November 2026. The Republican Party has a slight majority over the Democrats in the House of Representatives.