The One Big Beautiful Bill, which cleared the House on July 3 and is poised to become a cornerstone of President Donald Trump’s second-term agenda, ushers in significant changes to Americans’ personal finances.
Following Senate approval earlier in the week, the House vote sent the multitrillion-dollar domestic policy package to Trump’s desk for his signature on July Fourth.
Spanning nearly 1,000 pages, the legislation locks in Trump’s 2017 tax cuts and introduces new tax breaks—including deductions for tips, overtime pay, and auto loan interest—while also offering a special $6,000 deduction for seniors who receive Social Security.
At the same time, the Republican-backed bill enacts significant cuts to social programs such as Medicaid and food assistance, eliminates tax incentives for clean energy, and overhauls the federal student loan system….