The post Chaos in Congress, Clarity for Crypto: Trump’s Tax Overhaul and Bitcoin’s Unstoppable Rise appeared on BitcoinEthereumNews.com.

Trump-backed tax cuts spark political debate as Bitcoin rockets past $110K, fueled by institutional demand, pro-crypto policy, and rising investor confidence. On Thursday, the U.S. House passed a sweeping tax cut bill heavily backed by President Trump by the slimmest of margins. Igniting economic controversy. Meanwhile, Bitcoin surges past $110,000, driven by institutional demand, favorable regulation, and growing investor confidence. Trump’s Tax Bill: A New Economic Landscape In a landmark decision, the U.S. House of Representatives passed President Donald Trump’s expansive tax and spending legislation, dubbed the “One Big Beautiful Bill,” by a narrow margin of 215-214. “Today the House has passed generational, truly nation-shaping legislation to reduce spending and permanently lower taxes for families and job creators, secure the border, unleash American energy dominance, restore peace through strength, and make government work more efficiently and effectively for all Americans,” House Speaker Mike Johnson R-Louisana, explained after the vote. “House Democrats voted against all of that.” The bill courts controversy The bill calls for roughly US$3.8 trillion in tax cuts and aims to extend the 2017 Trump administration tax cuts. Those cuts are due to expire at the end of the year, so without this new bill passing, taxes are set to rise for most American households at the end of the year. The bill will eliminate certain taxes on tips and overtime, and introduce new deductions for seniors. To offset these cuts, the legislation proposes significant reductions in social programs, including Medicaid and the Supplemental Nutrition Assistance Program (SNAP), and removes clean energy tax credits. The bill also allocated US$46.5 billion toward completing Trump’s border wall, and also allocates US$5 billion for Customs and Border Protection facilities and more than US$6 billion to hire more agents and officers. Additionally, for the first time ever, the bill will put a…

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Filed under: News - @ May 23, 2025 5:22 am