Trump's tax law: US Senate approves controversial law with a razor-thin majority

Trump, on the other hand, accused Musk of being upset about the project primarily because of the elimination of subsidies and regulations in favor of the electric car industry.

At its core, the law is an extension of the tax cuts from Trump's first term (2017 to 2021), which would otherwise expire at the end of the year. Estimated fiscal losses: $4.5 trillion (just over €3.8 trillion).

Social cuts and lower taxes

These are to be financed, among other things, through cuts in social benefits. Cuts are planned primarily in Medicaid, the health insurance program for the elderly and low-income people. There will also be cuts in food assistance, such as school lunches. According to the Congressional Budget Office (CBO), the latest bill is expected to result in nearly 12 million people losing their insurance coverage within 10 years. Trump denies any such impact on US citizens. Instead, he says, irregular immigrants are affected.