This week, editors Peter Suderman, Katherine Mangu-Ward, and Nick Gillespie and Reason reporter Eric Boehm unpack the passage of President Donald Trump's One Big Beautiful Bill, focusing on its tax carve-outs, its special-interest subsidies, and what happens when key provisions expire in 2028. They also examine the potential fallout from Trump's looming trade deadline with the European Union, answer a listener question about the legality of masked federal law enforcement, and discuss the viability of Elon Musk launching a new political party.

0:00—America is still the greatest country on earth

6:18—The One Big Beautiful Bill becomes law

12:39—Medicaid cuts and what they mean

20:51—Sunset clauses will cause more instability

33:33—Listener question on masked Immigration and Customs Enforcement agents

42:16—Elon Musk announces new third party

49:47—Weekly cultural recommendations

"The Secret Police Are Here," by Mike Brock

"Errol Morris and Jacob Soboroff: Trump's Immigration Policies Are Indefensible," by Nick Gillespie

The Reason Roundtable Live in NYC! July 15

The Soho Forum Debate: Jacob Hacker vs. David Goldhill, July 16

Today's Sponsors:

Future of Freedom: If you're tired of cable news debates and Twitter shouting matches, and you're looking for serious, good-faith conversations between people who actually care about liberty then it's time to check out the Future of Freedom podcast. Each episode dives deep into a single topic—tariffs, campus speech, the Department of Government Efficiency—and brings together two guests who disagree on the best path forward. But here's the twist: This isn't a debate show. No interrupting. No dunking. If you believe the future of freedom depends on more than just winning arguments and you're ready for something deeper than the usual echo chambers, check out the Future of Freedom podcast. Real disagreement. Real ideas. Real conversations. Subscribe to Future of Freedom wherever you get your podcasts.

• Producer: Paul Alexander
• Video Editor: Ian Keyser

The post The Insanity of Trump's Big Beautiful Bill appeared first on Reason.com.