The Trump administration's big and beautiful bill is stuck in the Senate, with 70 multinational corporations joining forces to block Clause 899.

According to Semafor, Senate Budget Committee Chairman Lindsey Graham recently said that because some provisions of the Great America Act may not pass the Senate, he is preparing for another tax and spending cut bill to ensure that Trump's priorities are finally met. (Synopsis: Musk impeached Trump: The big beautiful tax law is disgusting; Trump threatens to cut Tesla's lifeline, Tesla's stock price plunges 14%) (Background supplement: White House internal revelations that Musk and Trump "broke up": Elon was accused of drug use and threatened to form a new political party to impeach the president) One of US President Donald Trump's important economic actions this year is to implement his One Big Beautiful Bill. Hailed as "the largest tax cut in U.S. history," the more than 1,000-page tax and spending bill aims to boost the economy through massive tax cuts and spending cuts, but there are also a number of controversial provisions. Section 899 of the Big America Act sparked a strong backlash from multinational companies. This clause proposes to impose punitive tax rates on countries that "discriminate against the United States" and is regarded as formally codifying capital warfare. According to foreign media reports, representatives of about 70 large companies such as Shell, Toyota, SAP, LVMH, etc., will meet with members of Congress this week to block the passage of the clause. The Global Business Alliance (GBA) said it was deeply disturbed by about 200 foreign-owned companies, which employ 8.4 million people in the United States, and the bill threatens to hit jobs hard. Morgan Stanley pointed out that the "incremental penalty tax" design of Section 899 is extremely lethal and has a far-reaching impact on the foreign investment environment. The International Bankers Association (IIB) will also travel to Washington to lobby the Treasury Department and Senate Banking Committee, warning that the bill could trigger capital withdrawal and market turmoil. Trump's Big America Act: Content and Goals At present, the Big America Act has been passed in the House of Representatives by a thrilling vote of 215 to 214 on May 22, 2025, and its core content continues the Tax Cuts and Jobs Act of 2017 (TCJA) and adds a number of new tax incentives. The main provisions of the bill include: Continuation of the TCJA tax reduction policy New tax reduction policy: tax exemption for tipping and overtime income in the service industry; Allow U.S.-made auto loan interest deductions; an additional $4,000 deduction for seniors over 65; Increase the Child Tax Credit from $2,000 to $2,500 Corporate Incentives: Reduced tax rates for U.S. manufacturing companies to 15%, restore 100% immediate expense, and promote capital investment; Expand the small business qualifying business income deduction. "Trump Account": Set up a tax deferred savings account for newborns with an initial injection of $1,000 Fiscal revenue measures: cancel the Biden administration's clean energy tax credit, increase taxes on huge college funds, and levy remittances from illegal immigrants The White House stressed that tax cuts will reduce the burden on low- and middle-income families and promote the return of manufacturing; But the law is also likely to exacerbate the U.S. debt burden of more than $2 trillion, which is one of the points of contention. According to Semafor, Senate Budget Committee Chairman Lindsey Graham said the "Big America Act" is currently under consideration in the Senate, but some provisions may not be included in the final version due to political and fiscal considerations. Lindsey Graham has come up with a fallback plan to introduce another tax and spending cut, and even foresees that "a total of three partisan bills" may be needed to complete Trump's agenda. He stressed that the current bill "is not the end of the story" and that the fallback bill will ensure that the priorities not included are met. Some provisions are at risk of being eliminated or curtailed for reasons such as the following: Senate Republicans are divided: Fiscal conservatives are demanding larger spending cuts to offset the increase in the deficit caused by the tax cuts. They argue that measures such as tipping and overtime tax exemptions have limited economic benefits and that priority should be given to cutting programs such as Medicaid and food stamps (SNAP). Moderate Republicans worry that too many cuts to social benefits could alienate voters and affect the 2026 midterm elections, especially in high-tax states like New York, where state and local tax (SALT) deduction cap adjustments have been controversial. Senate Passage Threshold: The bill uses the settlement process to pass only 51 votes, subject to the Byrd Rule, which does not increase the deficit outside the 10-year budget window. Graham noted that if the bill includes too many tax cuts, it could lose support in the Senate or the House. Provisions such as tax exemptions for tips and overtime have been complicated to implement and costly (estimated at tens of billions of dollars a year) have led some senators to reduce or remove them. Economic Questioning: Some Republican senators argue that tax exemptions for tips and overtime are less stimulus than corporate tax cuts or immediate fees, and may distort labor markets (e.g., benefit only certain industries). Analysis by the Tax Policy Center shows that 60% of the bill's tax cuts go to high-income 20% households, and low-income families have limited benefits, causing internal controversy. Time and legislative pressure: The Senate hopes to complete legislation by July 4, but internal negotiations are time-consuming, and some provisions may be sacrificed due to lack of time. The version passed by the House has been compromised several times, and Senate changes could further reduce the size of the bill. Related reports Trump ordered the National Militia to "drive California to protest", the governor was furious: the president illegally seized local military power Trump's second son Eric Trump announced: WLFI will buy a large number of TRUMP meme coins Musk quietly deleted Trump's post related to Loli Island sex crimes, Trump: Dare to support the Democratic Party, let him pay a heavy price (Trump big and American bill stuck the Senate, 70 multinational large enterprises gathered to block Article 899) This article was first published in BlockTempo The most influential blockchain news media.