President Trump signed his One Massive Lovely Invoice Act into regulation on Independence Day, simply sooner or later after Congress despatched the large tax and spending reduce bundle to his desk.
Surrounded by congressional Republicans on the South Garden throughout a army picnic on the White Home, full with a flyover of a B-2 stealth bomber and F-35 fighter jets, Mr. Trump signed the 940-page invoice after which banged down the gavel that Home Speaker Mike Johnson gave him that was used throughout the invoice’s closing passage Thursday afternoon.
The president known as his centerpiece laws “the most well-liked invoice ever signed within the historical past of our nation, whether or not you’re army or anyone else.”
He stated the invoice “will gas huge financial development and carry up the hard-working residents who make this nation run, just like the manufacturing facility staff, farmers, mechanics, waiters, waitresses, law enforcement officials, firefighters, coal miners, coal is again.”
Mr. Trump additionally praised the rebuilding of the army below his watch, saying it’s now one of many “most sought-after’ jobs. Now he intends to modernize it, which incorporates constructing the Golden Dome missile protection system. The “huge, stunning invoice” consists of $150 billion for protection, together with the Golden Dome.
The invoice’s centerpiece is a everlasting extension of Mr. Trump’s first-term tax cuts for people and small companies, stopping the largest tax enhance for Individuals in trendy historical past.
The invoice additionally consists of non permanent tax breaks to satisfy Mr. Trump’s marketing campaign guarantees of no tax on ideas, additional time, Social Safety and auto mortgage curiosity.
Different provisions embody power deregulation and protection and border safety priorities in addition to cuts to Medicaid and meals stamps, referred to as the Supplemental Vitamin Help Program, or SNAP.
The Home handed the invoice Thursday by a vote of 218-214. Two Republicans, Reps. Brian Fitzpatrick of Pennsylvania and Thomas Massie of Kentucky, voted in opposition to the ultimate invoice, as did all Home Democrats.
The vote was comparable within the Senate, the place Vice President J.D. Vance needed to break a tie so the chamber might cross it on a 51-50 vote.
Each chambers spent greater than 24 consecutive hours debating and negotiating, uncommon congressional all-nighters, earlier than passing the invoice, simply beating Mr. Trump’s deadline of July Fourth.
The president described the nation like a “rocket ship” that can blast off when his tax cuts kick in, and he reveled over the elimination of the property tax, also called the “dying tax,” on household farms and small companies.
“We wished to guard 2 million household farms and different small companies,” he stated. “So if you wish to depart your farm or your small enterprise [to] your youngsters … you’re not going to need to go borrow cash [after] your dad and mom cross away and the farm goes to the banks and will get foreclosed. That’s not going to occur.”
Mr. Trump boasted concerning the invoice’s passage after kicking off the yearlong buildup to the nation’s 250th birthday celebration.
“There might be no higher birthday current for America than the exceptional victory we achieved simply hours in the past when Congress handed the One Massive, Lovely Invoice to make America win once more,” Mr. Trump stated, including that the voters gave him a “historic mandate to chop taxes, elevate, take residence, pay, convey again jobs, cease the invasion.”
• Lindsey McPherson contributed to this story.
