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Trump’s $3.3 Trillion Tax Bill Passes Senate in Narrow 51-50 Vote

by Team Lumida
July 2, 2025
in Macro
Reading Time: 5 mins read
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Key Takeaways:

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  1. Senate Approval: The Senate passed President Trump’s $3.3 trillion tax and spending bill* with a 51-50 vote, with Vice President JD Vance casting the tie-breaking vote.
  2. Contentious Provisions: The bill includes $4.5 trillion in tax cuts* and $1.2 trillion in spending cuts*, targeting programs like Medicaid, food stamps, and student loans, while boosting military and immigration enforcement funding.
  3. Economic Concerns: Economists warn the bill will add $3.3 trillion to the deficit* over a decade, with 11.8 million people potentially losing health coverage due to Medicaid cuts.
  4. House Challenges Ahead: The bill now moves to the House, where narrow Republican margins and opposition to Medicaid cuts and SALT provisions could complicate passage.
  5. Mixed Public Opinion: A Pew Research poll shows 49% of Americans oppose the bill, with only 29% in support, reflecting concerns over its regressive impact and fiscal sustainability.

What Happened?

The Senate narrowly passed Trump’s sweeping tax and spending bill, which combines the president’s entire legislative agenda into a single package. The bill includes tax breaks for tips, car loans, and overtime work, while cutting funding for renewable energy and eliminating the electric vehicle tax credit, benefiting the fossil fuel industry.

The legislation also imposes work requirements for Medicaid and food stamps, with the Congressional Budget Office estimating that millions could lose access to health coverage and anti-poverty programs.

Despite these cuts, the bill raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for five years, a move criticized as inadequate by some Republicans.


Why It Matters?

The bill represents a major political victory for Trump and Senate Republicans, but it comes with significant economic and social trade-offs. While Republicans argue the tax cuts will spur economic growth, critics highlight the regressive nature of the bill, which disproportionately benefits the wealthy while cutting essential safety-net programs.

The legislation’s impact on the federal deficit and healthcare access could have long-term consequences, with Federal Reserve Chair Jerome Powell warning that the U.S. fiscal path is unsustainable.

For the GOP, the bill’s passage is seen as a strategy to maintain congressional majorities ahead of the midterms, but its unpopularity could pose political risks.


What’s Next?

The bill now heads to the House of Representatives, where its fate remains uncertain. Moderates are concerned about Medicaid cuts, while conservatives are pushing for deeper spending reductions. Any changes in the House would require the Senate to vote again, potentially delaying Trump’s goal of signing the bill by July 4.

Analysts will also monitor the bill’s economic impact, particularly on inflation, healthcare access, and renewable energy investments, as the U.S. navigates its fiscal challenges.

Source
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018