One Big Beautiful Bill Passes House, Goes to Trump for July 4 Signature

“OBBB” as the One Big Beautiful Bill is nicknamed, has passed the House and is one its way to President Donald Trump for a July 4th signing. What a symbolic signing that will be.

There’s a lot to love in H.R.1, the OBBB, even if 0ver-spending hasn’t yet been halted. We will get to that below.

Let me count the ways:

Planned Parenthood will be unfunded, and will lose close to $1 BILLION in taxpayer dollars. Budget hawks are saying PP could close as many as 200 locations.

Medicaid fraud has been defunded. As the Paragon Health Institute explains, “The One Big Beautiful Bill would reverse the Biden-era Medicaid and Obamacare spending surge and significantly reduce waste, fraud, abuse, and corporate welfare in Medicaid and Obamacare. The Senate version improves upon the House version by further cracking down on Medicaid money laundering with an opportunity to address Obamacare’s Medicaid discrimination against the most vulnerable.”

“The House-passed OBBB addressed Medicaid money laundering by freezing the provider tax scam and halting egregious schemes—like those implemented in California—that involve kickbacks and were used to finance Medicaid coverage for unauthorized immigrants. It capped Medicaid payments sent through managed care plans at or just above Medicare rates to address the rising corporate welfare in the program.”

More of Joe Biden’s Illegal aliens will be deported because ICE will receive an infusion of more than $100 billion through 2029: $45 billion for detention facilities, $46 billion for border wall operations in the U.S.-Mexico border and $14 billion for deportation operations. ICE currently has about 6,000 employees, and will hire an additional 10,000 new agents by 2029 with the funding infusion.

No tax on tips and overtime: The White House calculated that on $500 weekly take-home pay, with $200 in tips, and $100 in overtime pay, no-tax on tips and overtime Saving per Week $36, Savings per Month $154, and Yearly Savings of $1,854.

The White House also estimates with the no taxes on tips and overtime, that California employees take home more pay annually between $9,200 to $16,000 annually.

No tax on Social Security – According to the White House:

Overview
• The One Big Beautiful Bill (OBBB) delivers on President Trump’s promise of No Tax on Social
Security.
• The bill includes the largest tax break in American history for our nation’s seniors:
o 88% of seniors receiving Social Security benefits will pay no tax on their benefits under the
OBBB as a result of their total deductions exceeding their taxable Social Security benefits.
• The deductions ensure that seniors who earned their Social Security through years of hard work get more money back in their pockets.

No Tax on Social Security: Senate Draft Bill

The One Big Beautiful Bill provides a new bonus deduction of $6,000 for seniors age 65 and older ($12,000 for married seniors) beginning in 2025. This amounts to the largest tax break in American history for our nation’s seniors. The new deduction is on top of the standard deduction and the current-law additional
deduction for seniors. The bill also increases and permanently extends the standard deduction and many other features of the 2017 Tax Cuts and Jobs Act that were otherwise scheduled to expire after this year, resulting in significant ongoing savings for most taxpayers.

Under the One Big Beautiful Bill, 51.4 million seniors – 88% of all seniors receiving Social Security income – will pay no tax on their Social Security.

*Includes seniors who receive Social Security income but have no such income in their AGI.
Note: Calculations are for tax year 2026 and correspond to the version of the Senate OBBB text published on June 16, 2025. In that version, the standard deduction for 2026 was $16,000. In the version published June 28, 2025, the 2026 standard deduction will be based on an inflation-indexed value that exceeds $16,000. Source: U.S. Treasury, June 24, 2025.

As for U.S. spending and the colossal deficit, many of Trump’s critics have claimed his reciprocal tariffs will increase inflation and destroy jobs. Au contraire.

Notably, the jobs report out Thursday showed a much bigger-than-expected increase in employment – 147,000 jobs were added in June, surprising the nay-sayers. “Economists polled by The Wall Street Journal had forecast a slender 110,000 increase in new jobs last month,” MarketWatch said.

The unemployment rate decreased slightly to 4.1%, again lower than economists’ expectations of 4.3%, Fox Business reported.

Honest economists have predicted that President Trump’s tariffs could create 15 million new jobs by bringing manufacturing back to the U.S. And as we’ve reported for years, manufacturing jobs are high-paying with really good employee benefits. These are the jobs that were sacrificed by NAFTA since 1992.

Defense Gets a Boost

Defense spending got a big boost, as well: “A $157 billion defense funding boost that the Pentagon has been counting on to compensate for an otherwise flat budget,” Military.com reported. “In addition to bulking up defense funding, which includes a few billion dollars for service member quality-of-life improvements, the bill will slash social safety net programs, including food assistance that military families and veterans rely on.”

Some details:

• The OBBB has $1 billion barracks restoration, divvied up between the Army, Air Force, Navy and Space Force.
• $350 million specifically for the Marine Corps‘ housing improvement initiative known as Barracks 2030.
• temporary authorization for more widespread barracks privatization, an idea that has gained steam in recent years as the services have struggled with maintenance backlogs.
• $29 billion for shipbuilding, $25 billion for munitions and $25 billion for the Golden Dome.

Even egg prices are down once again:

Average Price: $4.05 per dozen selected period

Highest Price: $8.17 per dozen reached March 2025

Notably, the highest egg prices are in California – I can attest to this.

As President Trump noted on Truth Social:

This is a sweeping MAGA victory on taxes, the border, energy, welfare reform, and defense. More details to come.