Presidential Promises

Donald Trump implements his Budget agenda swiftly

- 

The United States (US) Congress stayed up late last Thursday passing President Donald Trump's signature new legislation, the "Big Beautiful Bill", and on Friday Mr Trump signed it into law. The new Bill reworks taxes and expenditure and restructures the multi-trillion-dollar US federal Budget. While some of its implications are relatively minor implementations of Mr Trump's campaign promises — for example, it cancels taxes on tips — some are far more wide-ranging. Most importantly, however, it continues the tax cuts that Mr Trump had put in place in his first term as President. The $4.5 trillion tax-cut giveaway over 10 years has partly been paid for by a reduction in the amount allotted to socialised health care for the poorest Americans, which will now be accompanied by a work requirement. Subsidies for renewable power and electric vehicles will also be cut, which has drawn the ire of Mr Trump's erstwhile ally, Tesla Chief Executive Officer Elon Musk.