President Donald J. Trump has signed the ‘big, beautiful’ tax bill into law, marking a major victory for the conservative movement. The legislation, which lowers tax burdens for families and businesses and averts a $4 trillion tax increase, includes several long-sought policy goals beyond tax cuts. These include provisions to expand opportunity zones, tax university endowments, and potentially boost economic growth to over 3%. Additionally, the bill includes provisions enhancing school choice, increasing drilling on federal lands, ending the Biden student loan forgiveness program, and phasing out the Green New Deal.
The bill’s provisions address various policy goals, including strengthening work requirements for Medicaid and food stamp recipients. It also authorizes the sale of expanded spectrum to boost rural broadband and reduce the national debt by nearly $100 billion. With these measures, the law aims to advance America’s freedom and prosperity, according to its proponents.
Supporters of the bill argue that the legislation will create new opportunities for economic growth and job creation, as well as reduce the burden on families and businesses. Opponents, however, argue that the tax cuts will disproportionately benefit the wealthy and may worsen the national debt.