Trump’s Tax Bill Passes Senate As President’s July 4 Deadline Approaches

President Donald Trump’s tax bill has passed the U.S. Senate by a slim 51-50 margin, setting the stage for a final approval in the House of Representatives as the July 4 deadline approaches.

The bill includes sweeping tax breaks, which would add about $3.3 trillion to the federal deficit over the next decade.

The 940-page “Big Beautiful Bill” has been the subject of controversy over cuts to several benefits, among other issues.

Trump’s former ally and the world’s richest person, Tesla Inc. CEO Elon Musk, has vehemently opposed it, going so far as to call out the President publicly after his departure from the Department of Government Efficiency (DOGE) earlier this year.

Meanwhile, U.S. equities edged lower on Tuesday, starting the second half of 2025 on a weak note.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.07%, while the Invesco QQQ Trust (QQQ) fell 0.89%. Stocktwits data shows retail sentiment around the S&P 500 ETF has been in the ‘neutral’ territory over the past week.

While President Trump’s tax bill faced unified opposition from the Democrats, the Republicans had three votes to spare to get the bill passed in the Senate. Three Republicans joined Democrats to vote against the package, forcing Vice President JD Vance to act as a tie breaker and get the bill passed with a final score of 51-50.

Republicans hold a 53-47 majority in the Senate and a 220-212 majority in the House.

Among other things, President Trump’s tax bill would make the 2017 tax cuts permanent. It will also fulfill some of the promises President Trump made during his election campaign, including the elimination of a tax on tips.

Meanwhile, a war of words has broken out once again between President Trump and Tesla CEO Elon Musk.

The President threatened to push the DOGE hounds to look into subsidies granted to Tesla and other Musk-led companies.

“Without subsidies, Elon would probably have to close up shop and head back home to South Africa,” President Trump said in a post on Truth Social. “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.”

The President also went on to add that without the U.S. government subsidies, Musk would have to shut down his companies and go back to South Africa.

Meanwhile, the Tesla CEO has continued to criticize Trump’s tax bill, focusing on the deficit. He has held back from going after the President so far, despite Trump’s personal attacks against the Tesla CEO and his companies.

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Also See: As Trump Musk Feud Reignites, Tesla Investor Ross Gerber Questions The 'Absurd' Attack On President