Trump Signs Sweeping Tax and Spending Overhaul

On July 4, 2025, President Trump signed the 'One Big Beautiful Bill Act' into law, enacting sweeping changes to the U.S. tax code and federal spending. The law makes the 2017 Trump tax cuts permanent, extends tax relief for overtime and tips, and introduces a remittance tax ranging from 1% to 3.5% on money sent abroad by non-citizens and green card holders. It also imposes work requirements for Medicaid recipients in most states, which is projected to leave millions uninsured and could result in the closure of hundreds of rural hospitals and nursing homes, shifting more costs to states. Supporters claim the legislation will spur economic growth, create jobs, and save taxpayers money, while critics warn of risks to vulnerable populations and highlight uncertainties in the bill. The changes are raising concerns among state officials and advocates regarding administrative burdens and increased costs, particularly for low-income, elderly, and disabled Americans. Further reconciliation bills are anticipated as part of the administration's legislative agenda.