The trillion-dollar tax cut spending bill has arrived in the United States, and President Trump has signed the "big and beautiful" bill, expecting a positive impact on the economy and the stock market.

On the Fourth of July, Independence Day, an important bill aimed at stimulating economic growth through government spending of over a trillion dollars and tax cuts was officially enacted. On Friday, July 4th, Eastern Time, President Trump signed the massive tax cut and spending bill he had been pushing for - known as the "big and beautiful" bill, bringing it into effect. Before signing, Trump praised the bill as "the biggest victory to date" at the Independence Day celebration ceremony held at the White House, saying he had made and kept his promises. Before signing the bill, Trump dismissed claims that the measures in the bill were unpopular, stating that the U.S. economy would grow rapidly like a rocket launch. He also stated, "The stock market is at an all-time high, and we will continue to keep it that way." Commentators noted that the "big and beautiful" bill includes a series of priorities that Trump proposed during his campaign last year, such as extending the tax cuts he implemented in his first term and funding to combat illegal immigration. Politically, the formal enactment of the bill represents a major victory for Trump, consolidating his control over the Republican Party. According to previous articles from Wall Street Watch, during the vote on the "big and beautiful" bill this week, Republican leaders faced multiple obstacles internally and externally, rushing to pass the bill before the July 4th deadline set by Trump. On Tuesday this week, with Vice President Pence's tie-breaking vote, the U.S. Senate narrowly passed the "big and beautiful" bill. Following this, due to Republican infighting, the bill faced a setback in the first procedural vote in the House of Representatives, and before the final vote, it faced strong resistance from the Democratic Party, with Democratic leaders speaking for a record-breaking nearly 9 hours protesting the bill. Despite two Republicans "defecting" in Thursday's vote, the bill narrowly passed in the House of Representatives by four votes. Republicans claim a $4 trillion tax cut over the next decade, CBO estimates government debt to increase by $3.4 trillion over the next decade. Xinhua News Agency reported that the "big and beautiful" bill is a landmark legislative agenda introduced by Trump since he returned to the White House in early 2025. The bill mainly includes extending the corporate and individual tax cuts Trump implemented in 2017 during his first term, making tips and overtime wages tax-free income, with its core provision being the reduction of corporate taxes. According to CCTV, according to the Republican side proposing the bill, the "big and beautiful" bill plans to cut taxes by $4 trillion over the next decade and cut spending by at least $1.5 trillion. An often mentioned figure regarding the "big and beautiful" bill is $3.4 trillion. The U.S. Congressional Budget Office (CBO) estimates that over the next decade, the bill could increase the already high U.S. government debt of $36.2 trillion by an additional $3.4 trillion. CCTV News stated that the bill has been controversial for its cuts in federal aid, increased long-term debt, and tax cuts for the wealthy and large corporations. The final version of the bill passed by the House of Representatives on Thursday raises the statutory debt ceiling of the U.S. federal government by $5 trillion, permanently extending the tax cuts implemented by Trump during his term in 2017, significantly cutting Social Security programs, with Medicaid projected to be cut by nearly $1 trillion over the next decade. The CBO estimates that as a result, the bill may cause 11.8 million Americans to lose health insurance by 2034. Xinhua News Agency referred to U.S. media commentary stating that with the U.S. debt already at historic highs, the bill will further expand structural deficits. "The increasing burden of debt in the U.S. will punish future generations." The report mentioned that preliminary analysis shows that the bill will not only increase the U.S. deficit by about $3.3 trillion over the next decade but will also reduce national tax revenues for decades. This shortfall could cause a drastic change in the U.S. fiscal trajectory and exacerbate concerns about a debt crisis. U.S. media cited experts saying that the bill's cuts to health insurance and other federal aid will offset the improvements brought to many households by slight tax reductions, with the primary beneficiaries ultimately being the wealthy. The Yale Budget Lab analysis stated that if the bill is implemented, the annual after-tax income of the lowest fifth of Americans will decrease by an average of 2.3% over the next decade, while the after-tax income of the highest fifth of Americans will increase by about 2.3%. This article is selected from "Wall Street Watch", author: Li Dan; GMTEight editor: He Yucheng.