
In July 4 ceremony, Trump signs tax and spending bill into law
With military jets flying overhead and hundreds of supporters in attendance, Trump signed the bill one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of the president's second term.
The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218-214 vote after an emotional debate on the House floor.
Trump wins 'phenomenal' victory as Congress passes flagship bill
"I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress.
"So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," Trump said.
Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent U.S. strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families.
After a speech that included boastful claims about the ascendance of America on his watch, Trump signed the bill, posed for pictures with Republican congressional leaders and members of his cabinet, and waded through the crowd of happy supporters.
The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt.
While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition.
The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits. Democratic National Committee Chair Ken Martin predicted the law would cost Republicans votes in congressional elections in 2026.
"Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests - not working families," Martin said in a statement. "This legislation will hang around the necks of the GOP for years to come. This was a full betrayal of the American people. Today, we are putting Republicans on notice: you will lose your majority."
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The big cruel ‘beauty' of Trump's bill
In a cruel twist of irony, America's Independence Day is being celebrated with the largest upward transfer of wealth in the country's history. By signing the so-called 'Big Beautiful Bill' into law on July 4, President Donald Trump has turned Robin Hood into a bogeyman – and made the rich the rightful folk heroes. With the sweeping tax-and-spending package, Trump has unleashed a legislative juggernaut that brings Karl Marx's warning into brutal focus: 'Accumulation of wealth at one pole is, therefore, at the same time accumulation of misery at the opposite pole.' The bill robs the bottom 90 per cent of Americans of around $700 per household, while funnelling over $6,000 into the pockets of the wealthiest fifth, engineering misery on an industrial scale. With Yale's Budget Lab and the Congressional Budget Office projecting a $3.4 trillion hole in the federal budget over the next decade – before counting interest – it is an ideological project in plutocratic redistribution. In a staged heist against the social safety net, Medicaid, SNAP, clean energy credits and even lifesaving foreign aid are set to become collateral damage in a grand design to enrich the few and abandon the rest. It is a dagger at the heart of America's social contract. Or, in Bernie Sanders' remarks on the floor of the Senate: 'It is the most dangerous piece of legislation in the modern history of our country.' 'It is a gift to the billionaire class, while causing massive pain for low-income and working-class Americans. Actually though, M. President, I'm wrong. This is not a gift to the billionaire class. They paid for it,' he quipped. In Arkansas alone, more than 100,000 people stand to lose their Medicaid coverage. Food stamp recipients will now face stiffer work requirements, a bitter irony at a time when grocery bills are soaring and rural job markets remain fragile. Across the country, the implications are chilling. Already struggling rural hospitals may face accelerated shutdowns. Families living paycheck to paycheck will be squeezed even harder. At the same time, tax cuts for billionaires are made permanent, fossil fuel subsidies are revived with a vengeance and the deficit balloons by an additional $3.5 trillion. Who wins and who loses? Independent analyses from the CBO and the Joint Committee on Taxation (JCT) show that the bill will kick 16 million people off their health insurance, gut nutrition programmes and make college even harder to afford — all to bankroll massive tax cuts for the wealthiest Americans. The bill adds a whopping $3 trillion to the national debt, setting the stage for long-term economic drag and a grim inheritance for younger generations. Households making under $23,000 will lose around $1,600 annually, mostly from Medicaid and SNAP cuts, nearly 4% of their total income. Families earning under $55,000 a year will see a net loss in resources. Meanwhile, the middle class gets table scraps, a meagre 0.5–0.8% gain, barely enough to offset rising living costs. At the top, it's raining gold. Households making over $700,000 will gain $12,000 a year, not counting estate tax windfalls. Meanwhile, the top 10% rake in 68% of the bill's total benefits. Those earning over $500,000 will receive a $168 billion tax cut in 2027 alone while people making over $1 million will see a $93.6 billion tax windfall that same year. For the lowest earners, the pain is twofold: many will actually see tax increases, with those making less than $15,000 a year facing a 12% hike in 2027, ballooning to 73% by 2033 once temporary credits expire. Even crueller than the 2017 Tax Cuts and Jobs Act, the grandly-titled bill doles out nearly double the tax break to millionaires while stripping aid from those who need it most. In fact, TCJA at least gave modest cuts to low-income earners, but the "beauty" of Trump's latest attack lies in its spectacular theft. Generational theft The long-term hit is generational. Penn Wharton's model finds that a 40-year-old median-income earner will lose $7,500 over a lifetime under the bill. However, a 70-year-old with the same income will be $17,500 richer. In other words, the American Dream has been restructured into a senior savings plan, just hang in there till retirement and hope capitalism does not kill you first. For the young, the pursuit of happiness now comes with a warning label: not applicable during your lifetime. In a nutshell, the bill is a ledger of who matters and who does not in Trump's America. The arithmetic is brutally simple: if you're a CEO, hedge fund manager or a defence contractor, your stock just went up. However, if you are a working-class parent, a disabled veteran, a retiree or a single mother in rural Arkansas, you're collateral damage in a cynical calculation. While older, higher-income Americans stand to gain in the short term through generous tax breaks, younger workers and future generations are left footing the bill, both figuratively and literally. Because younger earners are typically in lower tax brackets, they benefit the least from income tax cuts. At the same time, they are disproportionately exposed to deep cuts in Medicaid and student aid — two critical lifelines for young families and students. Medicaid now covers four in ten hospital births in the US, meaning today's cuts are tomorrow's childhood health crises. As Jessica Riedl of the conservative Manhattan Institute puts it, even from the right: 'In the short term, the benefits are certainly tilted towards higher earners, which is often a good proxy for age.' However, the heaviest blow comes in the form of long-term debt. The bill adds $3 trillion to the national debt, which economists predict will push interest rates higher and eat away at future federal budgets, squeezing out investment in education, infrastructure and social services. 'There is an obvious intergenerational transfer here,' says John Ricco of the Yale Budget Lab, which estimates that by 2055, when today's newborns turn 30, the average annual mortgage will cost $4,000 more because of the bill's impact on interest rates. 'Making America white again' Moreover, the bill's border provisions read like the fevered dreams of a security‑state lobbyist. ICE's budget balloons by an order of magnitude, rippling from roughly $10 billion today to over $100 billion in a few short years. Funding for walls, detention facilities and mass deportations soars, reflecting a dark fusion of nationalist spectacle and capitalist discipline. Immigrants, refugees and asylum‑seekers become pawns in a broader project of social control, as the state draws lines in sand and steel across its own land. The Pentagon budget is padded by another $150 billion, ICE gets tens of billions for deportations and even a private border-enforcement army and massive wall project are shoehorned in. In short, if $1 is cut from Medicaid, $1.50 flies to police and walls. As Washington Monthly notes, the bill 'lavishes funding on ICE to raise a private army and set up detention camps'. The movement 'is primarily about… 'owning the libs,' 'Making America White Again,' and cruelty against the marginalised'. Public opinion polls tell the rest of the story: close to half of Americans – 49 per cent – oppose the Big Beautiful Bill, while only 29 per cent support it. Even within Republican ranks, fiscal hawks and swing‑district representatives bristled at the eye‑popping deficits and social carnage baked into the legislation. Three‑headed hydra of class warfare From a leftist vantage point, the Big Beautiful Bill is a three‑headed hydra of class warfare, eco‑fascism and bio‑political abandonment. It rebrands austerity as patriotism, casting the poor as 'undeserving' parasites even as it showers the wealthy with boons. By shredding Medicaid, SNAP, and foreign‑aid programs, lawmakers legislate life‑and‑death outcomes for the poor, the elderly, children abroad and immunocompromised Americans alike. Green betrayal Climate leftists see the bill as an eco‑fascist manifesto: a blueprint for resource control through environmental destruction, with the state's coercive machinery gearing up to enforce a fossil‑fuel future at gunpoint. Perhaps the ugliest manifestation of the 'beautiful bill' is in its astonishing show of capitalism's climate death drive, an embrace of catastrophe for private profit, where planetary care is too high a price to pay. The bill's architects also saw fit to annihilate the scaffolding of the clean‑energy transition. With the stroke of a pen, the EV tax credit that buoyed nascent electric‑vehicle markets vanishes, wind and solar developers find their pipeline choked off and carbon‑capture investments are relegated to the dustbin. Environmental finance specialists forecast the loss of up to 250,000 clean‑energy jobs, even as household electricity bills spike by double digits. In effect, the legislation slams on the brakes of climate progress while flooring the accelerator on fossil‑fuel extraction – an eco‑dead end if there ever was one. The bill quietly scraps much of the Biden administration's clean-energy agenda. Solar and wind tax credits are repealed, even as fossil fuel subsidies persist. Analysts warn that by punishing solar and wind generation the law will devastate energy grids in red states like Texas. The bill is an eco-political undoing: the countryside continues to flood and burn while lawmakers dismantle the very buffers — renewables, efficiency programs and green jobs – that could soften the blow. Instead of weaning us off coal and oil, Congress doubles down on drilling and emissions, casting our children as future sacrifices. The irony is cruel: at a moment of record wildfires and hurricanes, politicians fetishize fossil fuel profits. By design, the working forests and windmills of tomorrow become victims to drive short-term windfall. The bill's very 'beauty' is in its ritualised cruelty. It taps into a perverse collective glee, inviting supporters to revel in the punishment of the 'lazy' and 'undeserving,' all while the architects of the legislation themselves benefit. The broader lesson is clear: the Big Beautiful Bill is the Empire striking back (internally, on its own unwanted), wielding fiscal hammers and regulatory scalpel alike to carve out a new world order – one where the poor are expendable, the planet dispensable and the state an instrument of predatory elites. It is a monstrous legislative conflation of class warfare, climate sabotage and state violence – an apex of neoliberal authoritarianism.


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Elon Musk forms new political party in further break from Trump
Listen to article The tattered bromance between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America. A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom." By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025 "By a factor of 2 to 1, you want a new political party and you shall have it!" he wrote. The announcement from Musk comes after Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law on Friday, which Musk fiercely opposed. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The two have since fallen out spectacularly over disagreements about the bill. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system! Should we create the America Party? — Elon Musk (@elonmusk) July 4, 2025 Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Read: Elon Musk polls followers on forming 'America Party' amid backlash to Trump budget bill Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country." He referenced the growth of Greece from subjugation to preeminence in the ancient world in another tweet, saying: "The way we're going to crack the uniparty system is by using a variant of how Epaminondas shattered the myth of Spartan invincibility at Leuctra: Extremely concentrated force at a precise location on the battlefield." There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40 percent, despite often divisive policies.