President Donald Trump on Friday signed into law his sweeping tax cut and spending package, what he’s called the “big, beautiful bill,” in a Fourth of July ceremony packaged with patriotic pomp and symbolism.

Nonpartisan analysts say the wealthiest Americans would see the biggest benefits from the bill, while lower-income people would effectively see their incomes drop.

The legislation, which extends tax cuts and funds border and defense programs, would increase the national debt by close to $4 trillion over the next decade.