‘One of the greatest signings’: Donald Trump celebrates as US House passes budget plan paving way for tax cuts

Donald Trump celebrated as the US House of Representatives passed a budget plan or a blueprint, though narrowly, promising major tax cuts in the history of the United States. Terming it as one of the ‘greatest and most important signings in the history of the country’, Donald Trump reiterated that the Bill would bring ‘largest tax and regulation cuts’ in the USA.

“Congratulations to the House on the passage of a Bill that sets the stage for one of the Greatest and Most Important Signings in the History of our Country. Among many other things, it will be the Largest Tax and Regulation Cuts ever even contemplated. MAKE AMERICA GREAT AGAIN!” Donald Trump posted on Truth Social.

The 216-214 vote pushed the budget plan forward, one more milestone for Speaker Mike Johnson, and the next step in a lengthy process to unlock the centerpiece to the president’s domestic agenda of tax cuts, mass deportations and a smaller federal government.

According to the reports, two conservative Republicans voted against the Trump tax cuts Bill, as did all Democrats.

Trump tax cuts

The bill would extend the 2017 tax cuts that were Donald Trump's primary first-term legislative achievement.

According to reports, the Bill would cut taxes by about $5 trillion and add approximately $5.7 trillion to the federal government's debt over the next decade. Also Read | US suspends additional 26% tariff on India for 90 days after Donald Trump pauses reciprocal tariffs

The new tax cuts include eliminating taxes on tipped wages, Social Security income, and other items — a move that could drive the total cost of the plan to nearly $7 trillion over the next decade.

The proposal also includes $175 billion for Trump's deportation initiative, and an equal amount for the Defense Department to increase military spending.

Donald Trump-led White House has argued that if the tax cuts are extended, the wages will go up by “as much as $3,300/year” and income for median households would increase by $5,000/year.”

(With agency inputs)