Senate Approves Trump’s Sweeping Tax Bill — Final House Vote Looms

In a major legislative milestone, the U.S. Senate has officially passed former President Donald Trump’s highly contested tax reform bill, paving the way for a final vote in the House of Representatives. If approved by the House, the bill would mark one of the most dramatic overhauls of the U.S. tax code in years, fulfilling a cornerstone of Trump’s economic agenda.

The legislation — dubbed by Trump as a “historic tax cut for working Americans” — passed narrowly in the Senate, with a 52-48 vote along largely party lines. The vote caps off weeks of tense negotiations and internal GOP debates, as the bill includes sweeping tax reductions for corporations, high-income earners, and select middle-class brackets.

🔍 What’s Inside Trump’s Tax Bill?

The bill features a range of key provisions:

• Corporate tax cuts: Reduces the corporate tax rate from 21% to 15%, a longtime GOP goal aimed at stimulating business investment.
• Individual tax bracket adjustments: Lowers income tax rates for many earners but also caps certain deductions, which may impact taxpayers in high-tax states.
• Estate tax revision: Raises the exemption threshold significantly, which critics argue benefits only the ultra-wealthy.
• Child tax credit expansion: Modestly increases benefits for families with children.
• Sunset clause: Some of the individual tax cuts will expire after 2029 unless renewed by Congress.

🏛️ What’s Next: House Showdown Ahead

The bill now moves to the House of Representatives, where Republicans hold a slimmer majority. Speaker Mike Johnson has expressed confidence that the legislation will pass, calling it “a necessary reset for American families and businesses.”

Democrats, however, are fiercely opposed to the measure, calling it “a giveaway to the rich.” Senate Minority Leader Chuck Schumer stated, “This bill fails working families while handing billions to corporations and millionaires. It’s trickle-down economics all over again.”

Progressive lawmakers are also warning that the bill will balloon the national deficit. According to the Congressional Budget Office (CBO), the proposal could add $2.8 trillion to the national debt over ten years if no offsets are implemented.

📊 Public and Market Reaction

While Wall Street reacted positively to the Senate approval — with the Dow and S&P 500 seeing a modest bump — the broader public remains divided. A recent Pew Research poll found that only 38% of Americans support the bill, while 52% oppose it, citing concerns about fairness and long-term impact.

Economists are similarly split. Some say the tax cuts will help energize a sluggish economy and boost job creation. Others warn that without spending cuts or new revenue sources, the deficit increase could lead to higher interest rates and economic instability.

🇺🇸 Trump Reacts

From his Florida estate, former President Trump celebrated the Senate vote, calling it “a big win for American greatness.” He posted on Truth Social, “This is the bill that puts our country back on track — low taxes, high growth, and more money in your pockets!”

Trump has also hinted at using this bill as a cornerstone of his potential 2026 midterm campaign push, framing it as a “contract with the American worker.”

📅 What to Watch

The House is expected to vote on the bill later this week. If passed, it will head to the president’s desk for signing, likely triggering an immediate political firestorm and shaping the economic landscape for years to come.