President Donald Trump has the chance to accelerate his political momentum and tighten his power grip on the country by driving his most significant piece of second-term legislation through Congress and taking a July Fourth victory lap.

The measure, dubbed the “One Big Beautiful Bill Act” with the president’s trademark provocative hyperbole, is Trump’s attempt to engineer lasting change through legislation in an administration that is also wielding huge and questionable executive power.

It is significant for its own sake, both ideologically and symbolically. And its blend of vast tax cuts and reductions in social safety-net spending will have far-reaching political impacts for the country, Trump’s legacy and the GOP.

It codifies some of Trump’s key goals — from financing his deportation crackdown to slashing green energy projects. The legislation, which offers new benefits to working Americans but more strikingly rewards the rich, is a snapshot of the transformation and contradictions of the modern Republican Party.

But the bill is also part of the wider story of Trump’s second term. Days after he bombed Iran; stopped it and Israel firing missiles at each other; and celebrated a Supreme Court ruling that will facilitate his aggressive claims of executive authority, passing the bill would exemplify the growing power of a president dominating and disrupting this era in the US and abroad.