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The Latest Breaking News from Tax Cuts

One Big Back Breaker: Trump law to COST millions their healthcare and add $3T in debt while rich see tax cuts

“It's actually almost unheard of ... that juxtaposition of taking from the poor while giving to the rich,” one analyst said

The Independent UK

How the ‘big, beautiful bill’ will deepen the racial wealth gap – a law scholar explains how it reduces poor families’ ability to afford food and health care

President Donald Trump has said the “big, beautiful bill” he signed into law on July 4, 2025, will stimulate the economy and foster financial security.

The Conversation

I Asked ChatGPT What the Big Beautiful Bill Means for the Middle Class’s Taxes: Here’s What It Said

Americans are just learning what's included in the One Big Beautiful Bill. So GOBankingRates asked ChatGPT what the bill means for the middle class's taxes.

GOBankingRates

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Trump's Tariffs, Tax Cuts, And Tensions With Brazil Stir The Pot: This Week In Economy

The past week has been a whirlwind of economic and political events. From record-breaking customs duty collections to billionaire investors casting doubt on tariff outcomes, the week was filled with intriguing stories. Here’s a quick recap of the top five stories that made headlines.

Benzinga

Peter Schiff Says Trump's Tax Cuts 'Won't Grow The Economy.' Instead, He Warns They'll Lead To Higher Interest Rates And Inflation

Economist and market commentator Peter Schiff is cautioning against President Donald Trump's latest tax and spending package, saying it could do more harm than good for the U.S. economy.

Benzinga

Big Beautiful Bill Summary: How Will it Affect Student Loans, Tax Cuts, Child Support and More

The One Big Beautiful Bill reshapes taxes, student loans, and child support. Discover how it impacts you and share your thoughts

International Business Times UK

Ex-Treasury secretary pans Congress for passing Trump’s ‘shameful’ megabill he says will hurt economy

Summers notes that cuts to SNAP and Medicaid could kill thousands while saying GOP tax cuts will mostly benefit wealthy Americans

The Independent UK

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Elon Musk Receives Barrage of Questions on Guns, Tax Cuts, and Abortion After Declaring 'America Party' Formed

Elon Musk proclaimed that a new political party — America Party — is now formed, prompting a barrage of questions about the party's platform.

Latin Times

So big, so beautiful: Fox News ignores the critics and champions Trump’s bill

Rightwing network downplays criticism from economists and says bill is ‘packed with massive, huge, important wins’

The Guardian - US

Trump claims victory as he signs controversial budget and tax bill into law

The bill extends tax cuts, slices welfare programmes and surges immigration funds in a victory for Trump’s agenda.

Al Jazeera

The House just passed Donald Trump’s ‘One Big, Beautiful Bill.’ Here’s what that means for you

From tax cuts for wealthy Americans to cuts in benefits through Medicaid and SNAP, this legislation provides plenty of ammunition for the president’s political priorities.

The Independent UK

House Republicans give Trump a ‘Big Beautiful’ July 4 by passing Medicaid-slashing megabill despite GOP rift

The bill also allows for the extension of 2017 tax cuts while forcing states to shoulder more of the cost of welfare food benefits

The Independent UK

The $4 Trillion 'Big, Beautiful Bill' Breaks the Bank and Violates Congress' Own Budget Rules

This is what Washington calls compromise: The House proposes $1, the Senate proposes $2, and somehow, the government ends up spending $3.

Reason

Mammoth budget bill heads to Trump’s desk in time for July Fourth - Roll Call

House Republicans pushed their sweeping tax and spending package across the finish line Thursday, handing Trump a major legislative victory.

Roll Call

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The Guardian - US

‘It’s harsh. It’s mean, brutal’: Trump bill to cause most harm to America’s poorest

President embraces Robin-Hood-in-reverse policies to benefit wealthiest and hurt those earning under $50,000

International Business Times UK

Trump's 'Big Beautiful Bill' Delivers Tax Cuts for Wealthy, Deep Welfare Cuts for Millions: Who Wins and Who Loses?

The Senate passed the 'One Big Beautiful Bill Act' on 1 July, delivering major tax breaks to top earners while cutting Medicaid and public aid, sparking backlash over rising inequality.

Fortune

What Trump's 'Big Beautiful Bill' means for tax cuts, Medicaid, national debt, and more

Core elements of the bill, and the winners and losers.

Al Jazeera

US Senate passes Trump’s ‘One Big Beautiful Bill’, sending it to the House

Trump has set a July 4 deadline for bill, which extends tax cuts, slashes social safety nets and surges national debt.

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International Business Times

GOP Senate Pushes Through $3.3 Trillion Tax And Spending Overhaul

At the heart of the measure are permanent extensions to the 2017 tax cuts, a lower corporate tax rate of 17%, and fresh incentives for companies investing in U.S.-based manufacturing, artificial intelligence and advanced technology infrastructure.

Kiplinger

Elon Musk and Most Taxpayers Don't Like What's in Trump's 'Big Beautiful Bill'

President Trump is betting big on his newest tax cuts, signed into law on July 4. But not everyone is on board.

Reason

Why the 'Current Policy' Baseline Is a Massive Gimmick That Effectively Kills the Filibuster

Republicans are creating a budgetary loophole that will allow Democrats to pass Medicare for All and pretend it costs almost nothing.

Benzinga

A Sinking Dollar Is Making Your Dream Vacation Way More Pricey This Year

In January 2025, the U.S. dollar was charging toward its 2022 highs, riding a wave of investor optimism as Donald Trump returned to the White House. Wall Street was betting on tariffs and domestic tax cuts to strengthen the greenback.

The Guardian - US

What’s in Trump’s major tax bill? Extended cuts, deportations and more

Donald Trump’s sweeping legislation boosts the wealthy, funds a border wall and risks $3tn deficit before his term ends

Al Jazeera

Elon Musk slams Trump’s ‘Big Beautiful Bill’, calls for new political party

The world’s richest man and the US president have traded insults over Donald Trump’s tax cuts and spending bill.

Benzinga

Mike Pence's Advocacy Group Launches Campaign To Extend Trump's 2017 Tax Cuts: Report

Former Vice President Mike Pence is mobilizing his advocacy group, Advancing American Freedom, to push for an extension of the 2017 tax cuts, a key component of the reconciliation package currently under review in Congress.

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