President Donald Trump signed his massive spending and social policy bill into law during an Independence Day event at the White House on Friday. The new law will provide substantial tax relief for affluent Americans, while also implementing significant reductions to social welfare programs.
What Happened: The legislation extends the 2017 tax cuts from Trump’s initial term indefinitely, and introduces new tax benefits such as tax-free tips up to $25,000 and a “senior deduction” for individuals over 65 to evade Social Security taxes.
