President Donald Trump is set to sign what he describes as a “big, beautiful bill” into law today, coinciding with Independence Day celebrations. The legislation, which was passed by House Republicans just hours before, aims to fulfill several key promises made during Trump’s campaign, particularly regarding tax cuts.

At a rally in Iowa last night, Trump celebrated the passage of the bill, proclaiming it the “best birthday present for America.” He emphasized the need for increased take-home pay for Americans and touted the bill as a significant achievement in making America great again. House Speaker Mike Johnson played a pivotal role in securing enough votes for the bill, managing to navigate concerns from some Republicans about potential cuts to Medicaid and SNAP programs.

The bill includes several tax provisions, such as eliminating taxes on tips and overtime, raising the estate tax exemption to $15 million, and establishing a $1,000 investment account for newborns that allows for tax-free growth. Additionally, it proposes an increase in the child tax credit and adjustments to the SALT cap for households earning under $500,000.

While the Trump administration heralds these tax cuts as beneficial for the economy, critics, including former President Joe Biden and Vice President Kamala Harris, have described the legislation as cruel and potentially devastating for millions of Americans. The bill’s passage has sparked debate about its long-term implications for the national deficit and economic sustainability.

As Trump prepares to sign the bill, he will also host military families for a July 4 picnic, where they will enjoy an Air Force flyover and fireworks. The president’s celebratory tone contrasts sharply with the concerns raised by Democrats, illustrating the polarized political landscape surrounding this significant piece of legislation.