Trump signs sweeping tax, spending cuts into law on US Independence Day

On July 4, U.S. President Donald Trump signed into law a sweeping tax and spending bill during an outdoor ceremony at the White House, marking the Independence Day holiday with a highly political display resembling a campaign rally.

With military jets flying overhead and hundreds of supporters gathered on the South Lawn, Trump signed the legislation just one day after it narrowly passed the Republican-led House of Representatives in a 218-214 vote, Caliber.Az reports via foreign media.

The bill, the centrepiece of Trump’s second-term agenda, makes his 2017 tax cuts permanent, slashes government spending, and provides significant funding for a tougher immigration crackdown. It is also expected to leave millions of Americans without health coverage.

"I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the event, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for shepherding the bill through Congress.

"So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," he added.

The celebratory event featured flyovers by stealth bombers and fighter jets, including aircraft involved in recent U.S. strikes on Iranian nuclear sites. Attendees included Republican lawmakers, White House staff, and military families.

Despite internal concerns over the cost and its impact on healthcare, only two House Republicans opposed the bill, while all 212 Democrats voted against it. Critics say the legislation disproportionately benefits the wealthy and corporations while reducing support for low-income Americans.

House Democratic Leader Hakeem Jeffries delivered a record-breaking floor speech lasting eight hours and 46 minutes, denouncing the bill as “a giveaway to the wealthy”.

Democratic National Committee Chair Ken Martin warned the new law would carry political consequences: "Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests — not working families."

A nonpartisan estimate suggests the legislation will add over $3 trillion to the existing $36.2 trillion national debt, despite Republican claims that it will spur economic growth.

By Aghakazim Guliyev