U.S. House Passes Trump's Sweeping Tax Cuts and Spending Bill

TaiwanPlus News

U.S. President Donald Trump's "One Big Beautiful Bill" has passed narrowly in both the House and Senate. It includes major tax cuts and will boost spending for border security and immigration enforcement. It also includes a 10% increase in the tax credit for semiconductor manufacturers to set up shop in the U.S. before the end of 2026.

Transcript

00:00U.S.A! U.S.A! U.S.A!

00:05Republican members of the U.S. House of Representatives celebrate the passage of President Donald

00:09Trump's sweeping spending bill.

00:12This is the vote tally card. We're going to frame this one, okay? 218, 214.

00:17The bill's passage completes many of Trump's campaign promises, including extending his

00:212017 tax cuts. It will put $170 billion U.S. dollars toward immigration enforcement. And

00:28it also includes a 35% tax credit for chip factories that break ground before the end

00:33of 2026. That's a 10% boost from the current tax credit for semiconductor manufacturers

00:38under the 2022 CHIPS Act. This could affect Taiwanese chip giant TSMC's $100 billion U.S.

00:45dollar investment in its American facilities. The bill initially faced some Republican opposition

00:49in the House. Among other concerns, it's expected to add around $3 trillion U.S. dollars to the

00:55country's debt over the next decade. Democrats opposed the bill unanimously and criticized

00:59the cuts to Medicaid, which could cause over 11 million Americans to become uninsured in

01:04the next decade. Democratic leader Hakeem Jeffries tried to delay the vote, delivering a record

01:10eight-and-a-half-hour speech through the night. Press on for the American way of life. Press

01:15on for democracy. We're going to press on until victory is won. I yield back.

01:28But when the House came to a vote, only two Republicans voted against it. And President Trump called his

01:33party united in a post on Truth Social. Trump will sign it into law on July 4th, the country's

01:39Independence Day. There could be no better birthday present for America than the phenomenal victory

01:45we achieved just hours ago when Congress passed the one big, beautiful bill to make America great

01:52again. But his Republican party may face more challenges soon. Americans will vote again for

01:57Congress in November 2026. And this bill may be a deciding factor for people casting their ballot

02:03on whether they feel the cuts were worth the cost. Scott Huang and Tiffany Wong for Taiwan

02:09Plus.

Category

Transcript

Recommended