President Donald Trump is sounding the alarm on what he says could be a catastrophic tax hike if Congress fails to pass his signature “One Big Beautiful Bill.” Speaking from the Oval Office after swearing in interim D.C. U.S. Attorney Jeanine Pirro, Trump said taxes could skyrocket by 65% without the legislation — a dire warning aimed directly at Democrats.

“You know, if it’s up to the Democrats, they’ll take the 65 percent increase,” Trump told reporters. “If that doesn’t get approved, this country is going to have a 65 percent increase in taxes and lots of other problems, big problems — almost bigger than that.”

The “Big Beautiful Bill,” as Trump has dubbed it, is a sweeping package aimed at slashing taxes, finishing the border wall, and ending taxpayer-funded benefits for illegal aliens. It builds on his 2017 tax cuts, which he wants to make permanent, and introduces major new reforms including eliminating taxes on tips and overtime pay — a move expected to benefit millions of working-class Americans.

“This is the largest tax cut in the history of our country,” Trump declared. “Tremendous amounts of benefit are going to the middle-income people of our country, low and middle-income people.”

The bill also includes a provision to cut taxes on Social Security benefits for seniors — a reform long championed by fiscal conservatives who argue it’s unfair to tax retirement income that workers paid into for decades.

Trump acknowledged that the bill isn’t perfect. “I’m not happy about certain aspects of it, but I’m thrilled by other aspects of it. That’s the way they go,” he said. “It’s very big. It’s the Big Beautiful Bill, but the beautiful is because of all of the things we have.”

On immigration, the legislation directs the federal government to complete Trump’s signature border wall. It calls for 701 miles of wall construction and 900 miles of river barriers along the southern border — a centerpiece of his 2016 and 2020 campaigns. It also removes Medicaid eligibility for 1.4 million illegal aliens, part of a broader push to crack down on taxpayer-funded benefits for non-citizens.

“So we have no Democrat votes. That means we have to get almost all Republican votes, and I think we’re very close to doing that,” Trump said, noting that the bill passed the House and is now in the Senate’s hands.

The former president gave a nod to Speaker Mike Johnson and Senate Majority Leader John Thune for shepherding the legislation through a divided Congress. “I have to say Speaker Johnson and Thune have done an incredible job,” he said.

Still, Democrats have shown no signs of support, and the Senate remains a political minefield. Trump’s strategy appears to be painting the bill as the last firewall against what he says would be devastating tax increases and continued economic instability.

The message is clear: pass the bill or prepare for pain.

If Trump and GOP leadership can pull it off, the One Big Beautiful Bill could be one of the most consequential pieces of legislation in decades — offering not only economic relief but a seismic shift in how Washington handles taxes, borders, and benefits.

If not, Trump’s already laid the groundwork to pin the fallout squarely on his political opponents. Either way, the battle over the bill is shaping up to be a defining moment in this administration — with your paycheck hanging in the balance.