The Latest Breaking News from Tax Cuts

President Donald Trump has said the “big, beautiful bill” he signed into law on July 4, 2025, will stimulate the economy and foster financial security.

Americans are just learning what's included in the One Big Beautiful Bill. So GOBankingRates asked ChatGPT what the bill means for the middle class's taxes.

The past week has been a whirlwind of economic and political events. From record-breaking customs duty collections to billionaire investors casting doubt on tariff outcomes, the week was filled with intriguing stories. Here’s a quick recap of the top five stories that made headlines.

Economist and market commentator Peter Schiff is cautioning against President Donald Trump's latest tax and spending package, saying it could do more harm than good for the U.S. economy.

The One Big Beautiful Bill reshapes taxes, student loans, and child support. Discover how it impacts you and share your thoughts

Summers notes that cuts to SNAP and Medicaid could kill thousands while saying GOP tax cuts will mostly benefit wealthy Americans

Elon Musk proclaimed that a new political party — America Party — is now formed, prompting a barrage of questions about the party's platform.

Rightwing network downplays criticism from economists and says bill is ‘packed with massive, huge, important wins’

The bill extends tax cuts, slices welfare programmes and surges immigration funds in a victory for Trump’s agenda.

From tax cuts for wealthy Americans to cuts in benefits through Medicaid and SNAP, this legislation provides plenty of ammunition for the president’s political priorities.

The bill also allows for the extension of 2017 tax cuts while forcing states to shoulder more of the cost of welfare food benefits