After weeks of closed-door negotiations and marathon debates, the House of Representatives passed the final version of the 869-page bill. The Senate narrowly approved it beforehand. President Trump is expected to sign it on Friday, July 4, Independence Day.

Tax Provisions

Makes permanent the income tax cuts enacted during Trump’s first term.

Introduces new temporary tax breaks (until 2028) for:

Tips
Overtime pay
Allows companies to fully deduct R&D (research and development) expenses immediately.
Temporarily quadruples the deduction cap for state and local taxes (SALT).
 
Immigration Restrictions
$46.5 billion for border infrastructure, including wall construction.
$45 billion for new migrant detention centers with a total capacity of 100,000 beds.
Funding for hiring 10,000 new ICE agents.
Introduces new fines for asylum seekers and undocumented migrants caught crossing the border illegally.
 
Cuts to Green Subsidies
Repeals major clean energy tax incentives from Biden’s Inflation Reduction Act.
Ends federal subsidies for new wind and solar projects unless operational by 2028.
Terminates the $7,500 tax credit for electric vehicle purchases after September 30, 2025 — a move criticized by former Trump ally Elon Musk.
Introduces a new tax credit for metallurgical coal production (used in steelmaking).
 
National Debt
Raises the debt ceiling by $5 trillion, sparking concerns among fiscal conservatives.
 
Social Programs
Imposes stricter eligibility rules for Medicaid and SNAP (food assistance):

Able-bodied adults under 65 without young children must work at least 80 hours per month to qualify.
Creates a $50 billion, 5-year fund to support rural hospitals and offset broader program cuts.
 
Women’s Health
Suspends federal funding for Planned Parenthood for one year due to its abortion services.
 
Other Provisions
Creates “Trump Accounts”: $1,000 savings accounts for newborns with a federal seed deposit.
Funds Trump’s “Golden Dome” missile defense initiative with $25 billion.
Boosts space programs:

$10 billion for the Mars mission.
$325 million for the decommissioning of the International Space Station.
Introduces a new tax on the endowments of wealthy universities. | BGNES, AFP