Trump signs spending bill into law

President Donald Trump signed his $3.4 trillion budget bill into law Friday, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funding to crack down on illegal immigration.

President Trump’s “one big, beautiful bill” is now law.

President Trump used the White House's Fourth of July celebrations as the backdrop for his final victory lap over his massive spending bill. The president signed the legislation, which will bring massive cuts to government benefits such as Medicaid and increase funding for immigration enforcement, during the White House's military family picnic on Friday evening. Read more: https://lnkd.in/eMDiqTWG

BREAKING NEWS: President Donald Trump signed the “One Big Beautiful Bill,” the spending bill containing his signature policies, on Friday, marking the culmination of months of negotiations that concluded just before the July 4 deadline Trump set to sign the bill into law.

NEW for The Associated Press: Congress passed a massive tax and spending cuts package Thursday that curbs billions of dollars in spending across clean energy. That means people will be paying a lot more for home solar, energy efficiency and other green technologies — and the nation’s efforts to address climate change just got a lot more challenging. The bill slashes tax credits for clean technologies including wind and solar energy. That will likely mean delay or cancellation of countless projects, affecting thousands of jobs and driving up household energy costs. Meanwhile, the bill supports mining, drilling and production of the oil, coal and gas that are largely driving Earth’s warming and the increasingly deadly and costly extreme weather that comes with it. Producing and burning these fossil fuels also contributes to air pollution and human health problems.

The bill includes $150 billion for the Pentagon, earmarked for shipbuilding, the Golden Dome and restocking precision weapons, among other priorities.

The bill is critical to the president's agenda and has sparked intense debate.

President Donald Trump's landmark spending bill is ready to be signed into law after Republicans in both chambers of Congress eked out the necessary votes ahead of the GOP's self-imposed July 4 deadline to send the legislation to the president's desk. At its core, the bill permanently extends the tax cuts introduced in the 2017 Tax Cuts and Jobs Act while introducing a raft of new breaks. Some, such as an expanded child tax credit and an above-the-line deduction for charitable contributions, are permanent changes to the tax code. Others are slated to expire in 2028, at the end of Trump's term in office.

LIVE: US lawmakers respond after Trump's tax bill wins congressional approval Lawmakers in Washington, D.C., speak after President Trump’s tax-cut package cleared its final hurdle in the U.S. Congress, as the Republican-controlled House of Representatives narrowly approved the massive bill and sent it to him to sign into law. #trump #house #senate #tax #spending #bill #bigbeautifulbill #capitol Keep up with the latest news from around the world: https://www.reuters.com/

The Top Five tax changes for the wealthy in the Big Beautiful Bill. From my Inside Wealth newsletter: cnbc.com/insidewealth 1️⃣ SALT — Surprisingly, the Senate largely followed the House with the new SALT cap increase, going from $10,000 to $40,000 for those making less than $500,000, with the income threshold rising 1% a year for inflation. And it preserves the pass-through-entity loophole. 2️⃣ Qualified Small Business Stock – Entrepreneurs and investors in small businesses will cheer a change in the QSBS, designed to encourage small business investment and creation. The bill raises the threshold to qualify as a “small business” from $50 million to $75 million and increases the exclusion from $10 million to $15 million. 3️⃣ The estate and gift tax – Maybe the best news of all for the wealthy: the estate and gift-tax exemption would increase to $15 million or $30 million for couples. It will be made permanent and the exemption will be indexed for inflation. 4️⃣ Itemized deductions –Taxpayers in the top bracket will have to subtract 2/37th from the value of each dollar deducted over the threshold. The net effect is that top taxpayers will only get a deduction benefit of 35 cents for every dollar, rather than 37 cents. 5️⃣ Philanthropy –The bill decreases the value of the charitable deduction for high-income taxpayers by capping itemized deductions and sets a new 0.5% floor for the itemized charitable deduction. So someone with $1 million in adjusted gross income wouldn’t get a tax break on the first $5,000 of donations. What are other changes or provisions important to top earners or big investors? https://lnkd.in/eE86FNAw