Name: Trump’s Bill Passed: The Tax and Spending Updates, Explained
Uploaded: 2025-07-04T04:02:00Z
Duration: 6 min 11 s
Description: Congress passed President Trump's 'big, beautiful' bill ahead of the self-imposed July 4 deadline. WSJ's Richard Rubin explains what's in the massive bill.

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Congress passed President Trump's 'big, beautiful' bill ahead of the self-imposed July 4 deadline. WSJ's Richard Rubin explains what's in the massive bill. Photo: Alex Brandon/AP; AFP/Getty Images

https://m.wsj.net/video/20250704/847c5fc7-e4af-4878-a0e8-eaa5b074032d/2/hls/manifest-hd-wifi.m3u8

Congress passed President Trump's 'big, beautiful' bill ahead of the self-imposed July 4 deadline. WSJ's Richard Rubin explains what's in the massive bill.

Trump’s Bill Passed: The Tax and Spending Updates, Explained

The motion is adopted.

The House of Representatives passed President Trump's one big beautiful tax and spending bill.

We're sort of celebrating like the biggest bill of its kind ever signed, and it's gonna make this country into a rocket ship. It's gonna be really great.

We're gonna take you through some of the highlights of this bill. They extended basically everything that was scheduled to expire as far as the 2017 tax cuts. Back then in President Trump's first term, Congress set all these tax cuts to expire at the end of 2025. Republicans really viewed those tax cuts as a huge success and they made it a priority to remove that expiration date. The Child Tax Credit has been $2,000. This bill will make it $2,200 and index it to inflation. The Estate Tax, they increased the exemption, so that the per person amount that you don't have to pay estate taxes on to $15 million per person. Republicans really disfavored electric vehicles and Clean Energy Tax Credits. Now, anything purchased after September 30th is not eligible for those credits. On clean energy, the wind and solar in particular are taking a hit in this bill. They're gonna be phased out faster. The state and local tax deduction has been capped at $10,000 since 2017. There was a block of Republicans from New York, New Jersey, California in the House who wouldn't vote for this bill without a much higher cap. What they got was $40,000. It's a pretty significant amount that starts phasing down once income reaches $500,000. This bill also includes some new items, particularly ones that President Trump campaigned on last year when he was running for a second term. One is no tax on tips up to a $25,000 deduction for tipped workers. Again, you're still gonna pay payroll taxes on those, similar amounts for overtime pay. It's removing income taxes on the sort of half part of time-and-a-half, so you'd still pay taxes on straight time, but then the additional half increment, you wouldn't necessarily pay income tax on, you would get a deduction. Car loan interest for domestically produced cars. You'd be able to deduct thousands of dollars in interest. The fourth is a deduction for seniors. So the President talks about this bill making it so there's no tax on social security, that is not in fact the case. There's an approximation of that, an attempt to do something like that. It's a $6,000 per person deduction for people ages 65 and up. Generally, these provisions will all kick in for tax year 2025. They are temporary. They go from 2025 through 2028 and we'll see how they go. We'll see who wins the 2026 and 2028 elections and how eager they are to continue those policies. Republicans were looking for ways to get more money for their priorities. So they were able to say, "Okay, well, we'll just take the agencies we like and favor and that Trump wants more money for, ICE, Customs and Border Protection, Homeland Security, the Defense Department, Missile Defense, those kinds of things, and shipbuilding, and just plus those up and add up several hundred billion dollars that are going to all of those things. One open question is what happens with the base levels of funding for those agencies, whether Congress, this Congress or future Congresses, particularly if Democrats have some more power, start carving back some of the annual money for those agencies.

This dangerous and extreme Republican budget will result in Americans losing their lives.

And the biggest point of contention is Medicaid, which is the Federal State Health Insurance program, largely for low income people. One of the things they did is create work requirements, so able-bodied people will have to start looking for work or having work in order to be able to get Medicaid work requirements among the biggest single items saving money in this bill. That's about $326 billion through 2034. You also see more frequent eligibility checks in Medicaid, and there are also changes to premium tax credits under the Affordable Care Act. All those changes will mean that by 2034, 11 million people will not have health insurance compared to what would happen if Congress did nothing here. Republicans were concerned about the effect of that on the providers, and so, to deal with the changes they created, there's a $50 billion Rural Healthcare fund.

This bill represents, in the text of this bill, the largest and greatest loss of healthcare in American history.

Democrats have highlighted in this bill is really the contrast between the effects on low-income people who are receiving benefits from Medicaid and nutrition assistance, and the tax cuts that go to some extent to tipped workers, but a lot of money is certainly going to very high-income people, so if Democrats win the House majority next year, you may see them try to delay or change those tax cuts.

It's gonna add much more to the debt. And so I think without question, this is not a fiscally conservative bill.

This bill absolutely increases the deficit. The way that Congress looks at this generally is what happens to deficits over the next 10 years through 2034 if compared to a scenario where Congress does nothing. That's about $3.4 trillion according to the Congressional Budget Office. That's on top of the 21 trillion or so in budget deficits that would happen anyway. Republicans have sort of two very different arguments about why they think that's overstated. One, and this is coming from the Senate, they say, "Okay, look, let's just assume that the tax cuts were gonna be extended anyway. That's 3.8 trillion. And so really if you look at it that way, this is reducing deficits by 400 billion." The other way that House Republicans look at it is they say "Economic growth." They argue that the tax cuts plus other Trump policies, whether it's deregulation, energy production, those kinds of things are going to speed up economic growth and throw off more tax revenue and therefore pay for a large chunk of this bill. Economists outside of the White House are very concerned about the drag of budget deficits on the economy and they're worried about higher interest rates and growing pile of debt sort of counteracting that growth effect.

Trump’s Big, Beautiful Bill Passed: The Tax and Spending Cuts, Explained

Some days the high-speed news cycle can bring more questions than answers. WSJ’s news explainers break down the day's biggest stories into bite-size pieces to help you make sense of the news.

Trump’s Big, Beautiful Bill Passed: The Tax and Spending Cuts, Explained

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