The Trump-backed One Big Beautiful Bill Act set in motion a major overhaul of U.S. tax and social policy, with the effects impacting different groups differently.
Signed on July 4, the nearly 1,000-page law makes permanent major elements of President Donald Trump’s 2017 tax cuts, adds several new—but time-limited—deductions, and pairs them with tighter eligibility and financing rules across Medicaid and food assistance, plus a reworked federal student loan system.
