The Big Tax Reduction Act has also passed the House of Representatives in the US! When will Trump sign it? What will be its effects? Experts answered.

The U.S. House of Representatives has officially approved "One Big Beautiful Bill," one of President Donald Trump's most comprehensive legislative packages. The bill, which consolidates numerous priorities ranging from tax rebates to border security, aims to legislate a series of goals that Republicans have been working on for a long time.

The content of the law includes topics such as making Trump’s tax rebates implemented in 2017 permanent, not taxing tip income, increased spending for immigration enforcement, and the construction of a border wall. Trump had announced weeks before taking office that this bill would be a "big and powerful package that will 'get the country back on its feet.'"

In a statement made on January 5, Trump said, "Members of Congress are working on a strong law that will bring our country back and make it greater than ever. We must secure our borders, unleash American energy, and renew the Trump Tax Rebates, the largest tax cut in history."

The Republicans took advantage of having a majority in both chambers by passing the bill through the House on May 22. However, in the Senate, some changes were made to pass the bill with a simple majority. After these changes, the bill was sent back to the House for a final vote, and it was approved in its final form in the vote held today.

In a statement from the White House, it was announced that President Trump will sign the "One Big Beautiful Bill" on Friday at 24:00.

Economists are divided on the economic effects of the law. Bernard Yaros, the chief U.S. economist at Oxford Economics, forecasts that consumer spending will increase and the economy will rebound in the short term, particularly due to tax rebates on tips, overtime, and auto loan interest, as well as the expansion of state and local tax rebates. However, he notes that in the long term, these individual tax rebates will lead to price increases and provide limited contributions to economic growth.

Yaros also stated that the effects of cuts to social assistance programs such as Medicaid and SNAP, as well as the withdrawal of climate incentives under the Inflation Reduction Act, would be felt more clearly starting from 2026, with real GDP expected to increase by only 0.1 percent by 2030.

In contrast, the Main Street Alliance, representing over 30,000 small businesses in the U.S., referred to the law as "Big, Ugly Bill" (Big and Ugly Law). The statement said, "This law surrenders the promise of freedom and justice to the interests of monopolies and billionaire donors, while the bill is again being paid by working families."

The International Monetary Fund warned about the law (IMF). IMF spokesperson Julie Kozack stated that Trump’s new tax law could make it difficult to reduce budget deficits and public debt in the coming years. Kozack, who said, "This law contradicts the objective of reducing debt in the medium term," reported that according to Congressional Budget Office data, the law would increase the budget deficit by 3.3 trillion dollars.