President Donald Trump’s One Big Beautiful Bill Act (OBBBA) will likely be remembered as one of the most consequential actions of his first year back in office. Signed into law in 2025, the OBBBA set the economic agenda for Trump’s second administration with a sweeping number of provisions, extensions and discontinuations to the American tax code, many of which have been criticized for primarily benefitting America’s top 10% of earners while financially harming the lowest 10%.
While Trump fought intensely to get the bill passed, he is also something of a mercurial president and known to change his mind. While not overwhelmingly likely, it’s possible that midterm voters’ potentially negative reactions to Trump’s agenda might sway the president into further changing the tax code. Additionally, there are temporary tax breaks that might disappear if legislation is not enacted to preserve or extend them — tax breaks your wallet could sorely lament should they disappear.
