U.S. Senate Advances Major Legislation, Sparking Political and Economic Debate

On July 1, the U.S. Senate held a procedural vote on an important bill, advancing the measure known as the "Big and Beautiful" bill with a result of 51 votes in favor and 49 votes against. The bill is complex, covering multiple areas, and has sparked widespread discussion across various sectors of society.

A well-known entrepreneur expressed strong dissatisfaction with this bill, stating on social media: "If this crazy spending bill passes, I will immediately start forming a new political party. Our country needs choices that transcend the existing political landscape, allowing the people to truly have a voice." He also shared several posts criticizing the U.S. debt issue, commenting: "On the surface, it seems like there are two parties, but in reality, it's a one-party system."

This statement resonated with the public. A previous online survey showed that over 80% of participants believe that the United States needs new party options.

The "Big and Beautiful" bill consists of over 1,000 pages, primarily focusing on tax cuts and spending reductions. It will extend the corporate and personal tax cuts previously implemented by the government, provide new tax deductions for tips, auto loans, and more, while also raising the eligibility threshold for social welfare applications. Additionally, the bill significantly cuts clean energy subsidies, increases defense spending, and allocates more funds for combating illegal immigration.

It is noteworthy that some lawmakers are trying to incorporate cryptocurrency-related provisions into this bill. These include a proposal to exempt small cryptocurrency transactions (under $300) from taxes, as well as a suggestion to set an annual cap on small transactions at $5,000. These measures aim to alleviate the tax burden on ordinary investors and simplify the tax reporting process for cryptocurrency transactions.

However, these proposals have also sparked controversy. Some legislators have proposed an amendment to prohibit elected officials from profiting from cryptocurrency tokens in which they have financial interests. This proposal has faced strong opposition from some lawmakers, who believe it would harm the United States' innovation and competitiveness in the digital asset space.

Market analysts generally believe that this bill may be the beginning of a new round of economic stimulus by the government. Some financial institutions have even brought forward their expectations for the Federal Reserve to cut interest rates from December this year to September. These signs all indicate that a new round of economic stimulus measures may be on the horizon.