President Donald Trump has successfully advanced his long-promised ‘one big, beautiful tax bill,’ which is now on the verge of becoming law under the current administration. The bill, which aims to streamline and modernize the U.S. tax code, has gained widespread support among House GOP members after a critical hurdle was cleared, setting the stage for Senate approval in the coming weeks. Trump’s influence over the legislative process has been pivotal, with close coordination with Speaker Mike Johnson and other GOP leaders ensuring the bill’s survival and potential for major amendments in the Senate.
The bill’s key components include measures aimed at fiscal responsibility, such as potential entitlement reforms and the introduction of a one-time flat tax on IRA/401(k) conversions. These provisions are expected to generate significant revenue and help prevent further increases in the national debt. Additionally, the Senate’s role in shaping the bill has been emphasized, with proposals such as the establishment of a new Greenspan-style commission to address long-term entitlement sustainability and the possibility of military base realignments as a model for gradual systemic reforms. While these additions may take time to fully implement, they are seen as critical steps toward achieving the ‘big, beautiful’ vision Trump has long advocated. The legislative process now stands at a crucial juncture, with bipartisan and fiscal considerations shaping the final approval of the bill.