President Donald Trump arrives and gestures to the crowd at an America250 rally in Des Moines, Iowa, on Thursday.

US President Donald Trump on Thursday evening characterized his just-approved cuts to Medicaid and food stamps as eliminating “wasteful spending” in a lie-filled victory lap speech in Iowa.

“With this bill, every major promise I made to the people of Iowa in 2024 became a promise kept,” he told his supporters in Des Moines about the massive tax-and-spending cut bill that cleared Congress earlier in the day.

He similarly claimed that he had delivered on his campaign promise of “no tax on social security” ― which is true only for a small set of senior citizens who happen to earn just over the existing threshold for untaxed social security income, and only if they die before 2028, when the new tax deduction for them disappears.

New tax breaks creating deductions on overtime and tip income similarly expire after just three years, while reductions to income tax rates that disproportionately........

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