Analysis of the Impact and Cost of the G.O.P. and Trump’s 'Big, Beautiful Bill'
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.