President Donald Trump praised Congress during his address to his most avid supporters in Des Moines, Iowa, on Tuesday, July 3, claiming that they made America great again with the passage of his “one big beautiful bill.”
Trump praised himself for the bill’s tax cuts for corporations and increased funding for the Pentagon, the U.S. Department of Defense, and border security. But analysts predict the sweeping bill will result in cuts to Medicaid, food stamps, and is projected to lead to higher interest rates.
President Trump hails the passage of his new bill
“There could be no better birthday present for America than the phenomenal victory we achieved just hours ago when Congress passed the ‘one big, beautiful bill’ to ‘Make America Great Again,’” Trump said at the Iowa State Fairgrounds tonight, according to CNN. “Every major promise I made to the people of Iowa in 2024 became a promise kept.”
The television news network, the Congressional Budget Office, and other commerce connoisseurs believe the comprehensive bill will be a windfall for corporations, manufacturers, and the wealthy, and a fallout for the working class:
- High-income Americans: According to a report produced by CNN, the net income for the top 20 percent of highest earners would increase by nearly $13,000 annually, resulting in a 3-percent average increase in income for upper-percentile households.
- Corporate America: Corporations believe the tax breaks in the 2017 Tax Cuts and Jobs Act, which are fortified under the “one big beautiful bill,” will benefit them in the long run.
- Manufacturers: In a measure to take place immediately, businesses will be able to would be allowed to fully and deduct the cost of building new manufacturing facilities.
Analysts list the downside of the ‘big, beautiful bill’
The outlet wrote that certain sectors of society may not benefit from Trump’s sweeping bill.
- The poor: For the first time since the Lyndon Johnson presidency in the 1960s, lower-income wage earners are not going to have the safety nets that enabled them to survive in the increasingly expensive world. Trump plans to make major cuts to Medicaid and food stamps.
- Getting loans will be harder: The Congressional Budget Office portends that ordinary Americans will find it more difficult to obtain loans for homes, cars and to start businesses. The CBO said Trump’s economic package may increase the deficit by $3.4 trillion in the coming decade, which will in turn increase interest rates.
- Hospital care for millions: Hospitals are reportedly seething because the impending cuts to Medicaid will leave them with more medical care costs that hospitals will be forced to eat because they won’t be compensated by the U.S. government.
