This post was republished with permission from Zero Hedge
President Donald Trump’s multi-trillion-dollar tax package—also known as the “Big, Beautiful Bill”—cleared the House in a last-minute 215–214 vote on Thursday morning.
The bill now moves to the Senate, where Republicans are calling for major revisions ahead of an expected vote in August. It aims to prevent a year-end tax hike and a potential debt default but would significantly increase the near-term federal deficit.
? #BREAKING: The House of Representatives ERUPTS in cheers and applause as President Trump’s One Big Beautiful Bill officially PASSES
— Nick Sortor (@nicksortor) May 22, 2025
CONGRATULATIONS, 47! ???
? No tax on tips or overtime
? $175B for deportations and the wall
? Tax relief for seniors
? Making his 2017 tax… pic.twitter.com/HtchiQqvCx
The 215-214 House vote, with one abstention, was met with loud cheers by House Republicans. Some of the key provisions include:
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Extension of Trump-era tax cuts and new relief, such as exempting tips and overtime from taxation.
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The state and local tax (SALT) deduction cap will be increased to $40,000, with phase-outs for high earners.
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Cuts to safety-net programs such as Medicaid and food stamps, alongside new work requirements starting in December 2026.
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Rollbacks on clean energy tax credits, boosting fossil fuel incentives.
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Major increases in military and border security spending.
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New taxes targeting elite universities (e.g., Harvard and other Ivy Leagues) and immigrant remittances.
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The elimination of EV tax credits, replaced by interest deductions on U.S.-built vehicle loans
It is interesting to note that Reps. Warren Davidson of Ohio and Thomas Massie of Kentucky were the only Republicans to vote against the Big, Beautiful Bill. They warned about mounting deficits that would result if the bill were passed.
We provided Zero Hedge Pro Subs with an in-depth analysis of how the Big, Beautiful Bill would surge near-term deficits, adding about $5 trillion in debt.
Read more here…
The 'Big, Beautiful Bill' Will "Massively" Increase Near-Term Deficits, Add $5 Trillilon In Debt https://t.co/M6h17IJglA
— zerohedge (@zerohedge) May 21, 2025
In the bond market, the US 30-year Treasury yield moved higher after the bill narrowly passed the House, hitting 5.12%, the highest level since October 2023. This level is nearing its highest point since 2007.
With Treasury yields soaring, perhaps it’s time for Treasury Secretary Scott Bessent to fire up the “big toolkit”…
Rep. Nathaniel Moran (R., Texas) stated: “This bill is our opportunity to deliver on the promises we made. At its core, the one big, beautiful bill is about more than dollars and cents. It’s about liberty and empowering the American people.”
The Wall Street Journal noted, “Republicans are aiming to get the bill to Trump’s desk by July 4. The real deadline might be a bit later.”
Democrats blasted the bill as taking money away from the social safety net to fund tax cuts for the wealthy…
“It’s really one big broken promise,” said Rep. Suzan DelBene (D., Wash.), adding, “Republicans have spent months fighting over how many Americans they’re going to kick off Medicaid and how fast.”
*Developing…
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Fiscal Responsibility my ass. When when when are we going to go in the right direction and CUT spending?
It’s all a stall tactic until the 2028 election. They don’t want to cut spending. The nation is now held up for ransom by Washington, corporate lobbies and special interest. We gave it our best shot but the will just isn’t there. The great reset is officially on which usually means war.
It’s like an addict trying to get off whatever activates the pleasure centers of the brain. The only way at some point is to go cold turkey which involves hallucinations and physical pain.
Remember it took a decade for WW2 to go into high gear. 2020 was the start of this cycle.
Anybody bother reading through to the end…getting some piglosi vibes in this.