U.S. President Donald Trump presents a sweeping spending and tax legislation, known as the "One Big Beautiful Bill Act," after he signed it, at the White House in Washington, D.C., U.S., July 4, 2025.
Leah Millis | Reuters
President Donald Trump signed his party's tax and spending package into law on Friday, ushering in major changes to Americans' finances.
The GOP's marquee "one big beautiful bill" makes Trump's 2017 tax cuts permanent while adding a senior "bonus" along with a bigger state and local tax deduction and higher estate and gift tax exemption.
Among other tax provisions, the megabill also includes breaks for tip income, overtime pay and auto loans, as well as the creation of a new tax-advantaged savings account for children.
The chart below outlines these key tax changes and how they could impact your wallet.
For more on how the legislation affects your money, check out our guide.