President Donald Trump “Big Beautiful Bill” – which he signed into law just about a week ago – redirected trillions of dollars into the U.S. economy from the federal budget for at least the next 10 years.
Cuts to Medicaid and SNAP, formerly known as food stamps, dominated the debate because of the impacts they’ll have on lives of millions of Americans. Those same cuts are expected to ripple through the budgets of hospitals – potentially closing some – and food producers.
But just like the dollars that will stay in many taxpayers’ pockets and add $3.8 trillion to the national debt, there are large sums for industry packed into the 870-page law, making several winners and losers.
Here’s a look at several of the industries the law singles out. Oil, natural gas and coal producers take center stage as green-energy initiatives from former President Joe Biden‘s administration are minimized. Billions more help retain tax cuts for small and medium businesses while military contractors can expect billions more in weapons spending.
Energy’s winners and losers
Oil and gas production in the United States hit a record during the Biden administration. Will the dozens of new opportunities to lease federal land for energy production lead to even more drilling and mining?
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What energy projects were little changed
Nuclear, hydropower, and geothermal energy – sources favored by the Trump administration for their reliability – receive expanded access to tax credits under the new law. Battery storage projects also benefit, retaining the full tax credit through 2033, with a gradual phase-out by 2036.
What other industries get a lift from the law
One of most expensive businesses tax breaks often helps owners of small and medium businesses, including those who own or manage real estate such as The Trump Organization’s several limited liability companies. Some of the other breaks focus on jumpstarting business – either the financial backers or prospective manufacturers.
Contributing: Reuters
