Trump Signs One Big Beautiful Bill Overhauling Taxes, Medicaid, Boosting Deficits

The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump, represents a significant and contentious overhaul of federal tax, spending, and policy frameworks. Central to the bill is the permanent extension of the 2017 Tax Cuts and Jobs Act, alongside substantial cuts to Medicaid and the Supplemental Nutrition Assistance Program, which have sparked debate about the bill's long-term fiscal impact, including concerns over a projected $3.4 trillion increase in the deficit over the next decade. The legislation also includes measures to strengthen Medicaid integrity, impose stricter work requirements for government assistance recipients, and reduce certain clean energy tax credits, reflecting a blend of conservative fiscal priorities and strategic spending. The bill has triggered a public feud between Trump and former ally Elon Musk, who criticized the bill harshly and threatened political opposition. Legal experts highlight that the bill will affect tax, employment, and immigration law compliance, impacting businesses and individuals alike. Supporters tout benefits such as ending taxes on tips to aid workers, while critics warn of increased national debt and adverse effects on vulnerable populations.