Tax breaks and spending cuts: Here are the winners and losers in Trump’s big bill

TaxWatch

The GOP’s One Big Beautiful Bill Act includes tax breaks for tipped workers and cuts to the social safety net

Last Updated: July 4, 2025 at 7:36 p.m. ET
First Published: July 3, 2025 at 2:37 p.m. ET

There are major changes coming for Americans’ finances, after the House of Representatives passed a landmark tax and spending bill at the center of President Donald Trump’s domestic agenda.

House Republicans passed the legislation Thursday in a 218-214 vote along party lines. The Senate passed it in a 51-50 vote two days earlier. Trump’s signature, which came Friday, was the last thing needed to usher in the changes that many people will start seeing early next year.