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Kiplinger
Kiplinger
Business
Kelley R. Taylor

Five ‘Big Beautiful Bill’ Tax Changes to Watch in the Senate

Donald Trump X Republican Party Medicaid Josh Hawley Elon Musk Rand Paul R JD Vance Mike Johnson Republican
Rendering of the top of the US capitol building with money flying around it.

You may have heard that the House Republicans’ “One Big Beautiful Bill Act” includes many tax and spending changes that could affect your finances. The massive $3.8 trillion, 1,000-page legislation passed the House by one vote on May 22, focusing on making many of Donald Trump’s 2017 tax cuts permanent.

Numerous provisions in the bill could impact your wallet, from a proposed state and local tax deduction increase to Medicaid changes and cuts, tax deductions for cash tips, overtime pay, specific car loan interest, and higher HSA contribution limits.

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