Understanding U.S. President Trump's 'One Big Beautiful Bill'

The 'One Big Beautiful Bill' was signed into law by U.S. President Donald Trump on July 4, 2025. The legislation includes tax cuts, changes to social security programs, and the removal of incentives for clean energy production. Democrats argue the bill benefits the wealthy at the expense of healthcare and food security, while Republicans claim it will boost the economy and reduce federal spending.

Concerns about tax cuts focus on the bill making Trump's 2017 tax cuts permanent, benefiting higher income brackets. The legislation also increases standard deductions and allows exemptions for tips and overtime pay. However, analysis suggests the bill may increase national debt and impact income inequality.

The bill introduces stricter eligibility requirements for Medicaid and SNAP, potentially affecting millions of Americans. It also reduces access to tax credits for clean energy projects, sparking concerns about job losses and economic impact.

Elon Musk's opposition to the bill stems from disagreements over clean energy subsidies and the debt ceiling increase. The bill also proposes a 1% excise tax on remittance transfers, which could impact Indian migrants in the U.S.

According to the source: The Hindu.