Today, the House of Representatives has advanced Donald Trump’s ‘big, beautiful bill’ one step closer to becoming law by passing the legislation to the Senate following a week of last-minute adjustments and debates.
House Speaker Mike Johnson read through the 1,000-page package, labelled “One Big Beautiful Bill Act,” commenting, “This is a big one.”
Business Roundtable CEO Joshua Bolten stated, “The budget reconciliation measure extends and strengthens the historic reforms from the 2017 Tax Cuts and Jobs Act (TCJA), which leveled the playing field for American businesses and made it more attractive for companies to invest and grow in the U.S.”
Johnson described the bill’s changes, including tax cuts, reductions to the government’s social safety net, and new spending in Washington, as “generational.”
The bill includes substantial tax exemptions and is expected to raise the debt ceiling by $4 trillion.
To partially offset the lost revenue, Republicans propose repealing or more rapidly phasing out the clean energy tax credits enacted during Joe Biden’s presidency, which would help reduce the total tax portion to around $3.8 trillion.
The tax bill was passed by a single vote, 215 to 214 and Johnson aims to have the bill signed into law by July 4.
By CEO NA Editorial Staff
