Analysis of the Impact and Cost of the G.O.P. and Trump’s 'Big, Beautiful Bill'
TL;DR Summary
H.R. 1, enacted on July 4, 2025, introduces significant changes to tax rates, deductions, and employee benefits, including permanent tax rate adjustments, a temporary increase in the SALT deduction cap, new deductions for tips and overtime, and enhancements to childcare and paid leave credits, with some provisions retroactive to January 1, 2025.
- H.R. 1, "The One Big Beautiful Bill Act," Enacted July 4, 2025 ADP
- A List of Nearly Everything in the G.O.P. Bill, and How Much It Would Cost or Save The New York Times
- When will key aspects of Trump’s ‘big, beautiful bill’ take effect? The Hill
- Deep In a Fiscal Hole, Congress Just Keeps Digging Bloomberg
- Will the tax cuts pay for themselves? : The Indicator from Planet Money NPR
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