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Analysis: How Trump's megabill transfers wealth in the US | CNN Politics

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It took intense lobbying from President Donald Trump, an all-nighter, and a vote on a bill for which many people did not yet have a clear grasp of the final changes, but House Republicans got it done this week. They passed their version of the "one big, beautiful bill," a behemoth that pairs tax cuts with new provisions that will push people off Medicaid and food assistance.
The article from CNN dated May 24, 2025, discusses a new bill passed by the House of Representatives aimed at addressing the federal budget through significant tax reforms and spending cuts. The legislation proposes reducing the corporate tax rate from 21% to 15%, alongside adjustments to individual tax brackets, aiming to stimulate economic growth. Additionally, the bill includes substantial cuts to non-defense discretionary spending, targeting areas such as education, environmental protection, and social services. Proponents argue that these measures are essential for fiscal responsibility and economic recovery, while critics express concerns over potential increases in income inequality and the reduction of essential public services. The bill now moves to the Senate, where its future remains uncertain due to partisan divisions.

Read the Full CNN Article at:
[ https://www.cnn.com/2025/05/24/politics/house-tax-spending-cuts-bill-explained ]