On July 4, 2025, a significant turning point occurred in American politics. A massive legislative proposal known as 'One Big Beautiful Bill Act' ( officially became law. This bill, spanning 900 to 1100 pages, covers various areas including tax reform, spending, and border security, and is bound to have a profound impact on American society.

The process of passing the bill was quite dramatic. After it narrowly passed in the House of Representatives with a vote of 218 to 214 (or 215 to 214), the Senate approved the bill with an even smaller margin of 51 to 50, ultimately with Vice President Vance casting the crucial deciding vote. The bill was adopted through the budget reconciliation process, requiring only a simple majority for passage, a strategy that clearly paved the way for its smooth approval.

The core content of the bill mainly includes three major aspects: tax reform, welfare adjustments, and defense spending. In terms of taxation, the bill permanently extends the tax cuts from 2017, which are expected to bring about $4.5 trillion in tax relief. In addition, the bill introduces some innovative tax policies, such as tax exemptions for tips and overtime pay. At the same time, the tax credit for each child has also been increased from $2,000 to $2,200.

However, the reforms in the welfare sector brought about considerable controversy. It established strict work requirements for Medicaid and the food assistance program )SNAP(, stipulating that beneficiaries must work at least 80 hours per month. In terms of healthcare, a new $35 copayment was introduced, and healthcare expenditure subsidies were cut, which may affect low-income groups.

The bill has also made significant adjustments in national defense and border security, but specific details have not yet been fully disclosed. It is anticipated that this 'Big and Beautiful Bill' will continue to impact the political and economic landscape of the United States in the coming years, and its long-term effects are worth our continued attention.