Institute on Taxation and Economic Policy

July 7, 2025

Washington Post: How Trump’s Big Bill Will Affect You, From Medicaid Cuts to Tax Credits

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Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.

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