Trump Signs $4.5T Tax Cut, Medicaid, Immigration Bill July 4

President Donald Trump signed the 'One Big Beautiful Bill' into law on July 4, marking a significant legislative victory for his administration amid Independence Day celebrations at the White House. The bill extends Trump's 2017 tax cuts, providing about $4.5 trillion in tax relief, while also enacting substantial cuts of $1.2 trillion to Medicaid and food stamps, and increasing immigration enforcement funding, including border security and deportation efforts. The legislation eliminates federal taxes on tips and overtime pay, doubles the child tax credit, and funds the 'Golden Dome' missile defense program, among other provisions. Despite unified opposition from Democrats and some dissent within the Republican Party, the bill passed narrowly in the House and Senate, with Vice President JD Vance casting the tiebreaking vote in the Senate. The law represents a cornerstone of Trump's second-term agenda, which also includes broader military spending increases and policies aimed at reducing federal entitlement spending. Critics warn that the bill will add $3.4 trillion to the deficit over a decade and lead to millions losing health insurance, while supporters hail it as a triumph of democracy and a new "Golden Age" for America.