Everyone knows that the "big, beautiful" tax bill signed into law on the Fourth of July lowers tax burdens for families and businesses. It also averts a $4 trillion tax increase starting next year. That's enough reason to celebrate heartily.
But what isn't well known is that this new law doesn't just change tax policy. It includes dozens of other long-sought policy goals -- what I call "hidden gems." Here is a list of some of the major policy victories:
The law is the most aggressive federal advancement of school choice by allowing low-income parents to direct education dollars to private, charter, or Catholic schools that are better for their kids.
The law also expands eligibility for personalized medical savings accounts instead of conventional insurance. This allows workers to control their health care dollars.
The law increases mining and drilling on federal lands to increase access to America's natural resource supplies, to end our dependence on the Middle East, China, or Russia.
The law formally ends the absurd Biden student loan forgiveness program, which forced taxpayers to swallow the costs of unpaid college loans.
The law repeals the electric vehicle mandate and phases out the Green New Deal, thus allowing Americans to purchase any car they want.
The law expands opportunity zones and extends tax benefits for investing in inner cities and economically depressed rural areas. (I thought Democrats cared about poor communities!)
The law increases the tax to 8% on the nearly trillion dollars of bloated university endowments — money that was never taxed. Is there a better way to tax the privileged rich?
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The law strengthens work requirements for Medicaid and food stamp recipients. History shows that work requirements end welfare dependency.
The new law authorizes the sale of expanded spectrum to strengthen rural broadband, secure America's technological dominance, and reduce the national debt by nearly $100 billion.
There's much more to shout about, but these are some of the greatest hits in a big and beautiful bill that advances America's freedom and prosperity. Expect the economy to grow at over 3% in the years ahead, which will lighten the burden of our national debt. Is it the most significant consecutive victory in modern times? It may just be.
Stephen Moore is a cofounder of Unleash Prosperity and a former senior economic adviser to Donald Trump. His new book, coauthored with Arthur Laffer, is "The Trump Economic Miracle."
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