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.

Trump signed the multitrillion-dollar legislation outside the White House, and then banged down the gavel that House Speaker Mike Johnson gifted him that was used during the bill’s final passage Thursday.

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