U.S. Senate Approves Trump’s Major Tax Legislation: The Path to Signature Remains Open
In the United States, a tense political struggle continues over the approval of a comprehensive tax and budget bill initiated by President Donald Trump. This development marks a significant milestone towards implementing his fiscal plans, as only one step remains — the president’s signature. On Tuesday, July 1, the U.S. Senate narrowly and persistently supported what is called the ‘big, wonderful’ bill, which envisages substantial tax cuts and increased funding for national security. The vote was nearly unanimous, with the exception of a few Republican senators — Rand Paul, Susan Collins, and Tom Tillis — who opposed and aligned themselves with Democrats. It is noteworthy that this multi-trillion-dollar legislation aims to drastically reduce the tax burden for businesses and citizens, boosting the country’s defense capabilities by partially cutting social programs, including the social security system — one of the largest in recent decades. At the same time, sources report that the sweeping bill now needs to pass through the House of Representatives, where it is also under active discussion, before it can be signed into law by the president. Analysts expect Republican leaders to meet the deadline set by Trump — July 4 — to ensure timely implementation. Previously, stock markets in Asia responded positively in anticipation of the bill’s passage, with stock prices rising and the dollar falling to multi-year lows, reflecting high uncertainty and political tension surrounding the country’s financial policies.