Brief by Shorts91 Newsdesk / 05:52am on 05 Jul 2025,Saturday International
President Trump signed the $4.5 trillion “One Big Beautiful Bill” on July 4, 2025, at 4 pm ET, making permanent most 2017 tax cuts and introducing new deductions for tips, overtime, SALT, and seniors . However, deep cuts to Medicaid, SNAP, clean energy incentives, and student loan protections are also included . Tax benefits like tip–overtime deductions start in 2025 filings, while Medicaid work requirements and SNAP changes phase in by 2026–2028 . Critics warn the law favors the wealthy, hikes deficits by ~$3 trillion, removes clean‑energy support, and may strip health coverage from millions. (PC: Reuters)
