Trump’s tax and spending bill does not eliminate taxes on Social Security, overtime and tip income, but merely provides temporary tax deductions

Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.

Whether you were in favor of President Donald Trump’s One Big Beautiful Bill or against it, what is important now is how the new legislation will affect you. It can pay to dig a bit deeper into the details in order to avoid any unpleasant surprises — and even to enjoy some tax advantages resulting from the new law.

President Donald Trump ’s ‘big beautiful bill’ delivers a temporary higher limit on the federal deduction for state and local taxes, known as SALT. But the phaseout, or income-based benefit reduction, could trigger a tax surprise for some higher earners, experts say.

President Donald Trump's tax and spending bill revives and expands homeowner tax breaks — while making the current mortgage interest deduction cap permanent.

Fresh off passage of the “One Big Beautiful Bill,” some anti-tax advocates hope to push the administration to change how taxable capital gains are calculated.

Lawmakers noted their letter comes as “recent IRS staffing challenges caused by the Trump Administration” have complicated the processing of outstanding tax refunds.

If you’re banking on tax-free overtime to boost your paycheck, you’re out of luck. Trump’s “big beautiful bill” doesn’t change what you’re paid; it changes what you’re taxed. That happens at tax time, not on payday. Employers will keep withholding taxes as usual, and it’s up to you to apply the deduction — if you qualify — when you file.

Here’s what polls showed of Trump's approval rating after the president’s mega tax and spending bill was passed by Congress and signed into law.

From the Central Valley of California to Midwestern battlegrounds and suburban districts of the northeast, the new law already is shaping the 2026 midterm battle for control of the House of Representatives. The outcome will set the tone for Trump’s final two years in the Oval Office.

President Trump's 'big beautiful bill' will provide a boost to the economy in the near term but just a tiny bump over the long run, forecasters say.