Here’s a detailed breakdown of the recently passed “One Big, Beautiful Bill” (H.R. 1)—a sweeping ~900‑page tax‑and‑spending package officially enacted on July 4, 2025:

• Permanent extension of 2017 individual & corporate tax cuts, originally set to expire end of 2025 (en.wikipedia.org).

• State & local tax deduction (SALT cap) raised to $40,000 (for incomes under $500,000), reverting to $10,000 after five years (en.wikipedia.org).

• New deductions:

  • Tips: up to $25,000 (expiring in 2028) (en.wikipedia.org).

  • Overtime pay: same cap and sunset as above (whitehouse.gov).

  • Auto‑loan interest deduction: up to $10,000/year for US‑assembled vehicles bought 2025‑2028 (income restrictions apply) (en.wikipedia.org).

• Child tax credit increased from $2,000 to $2,500 through 2028, then $2,000 afterward (en.wikipedia.org).

• “Trump Accounts”: tax-deferred savings accounts for children, up to $5,000/year with a one-time $1,000 government deposit for children born 2024–2028 (en.wikipedia.org).

• 1% remittance tax: on money sent abroad (en.wikipedia.org).

• Endowment tax hike: on private colleges (en.wikipedia.org).

• Repeals:

  • De minimis import provision (tariff-free for goods under $800) (en.wikipedia.org).

  • Clean energy tax incentives (e.g., solar, wind, EV credits) phased out by 2027 (indiatimes.com).

• Medicaid: historic spending cuts, new eligibility work‑requirements, reduced provider reimbursements (vox.com).

• Creates a $50 billion fund to support rural hospitals, but many warn it’s insufficient (en.wikipedia.org).

• SNAP (food stamps): beneficiaries face work requirements and states must cover 5% of benefits and 75% of admin costs (en.wikipedia.org).

• Projected coverage losses: 10–12 million Americans lose health insurance by 2034; up to 17 million over a decade when including ACA subsidy rollbacks (vox.com).

• Defense: +$150 billion, including investments in drones and new systems like “Golden Dome” air-defense (nypost.com).

• Border security & immigration enforcement:

  • +$150 billion total: $70 billion for border measures (wall, surveillance, staffing) .

  • $100 billion by 2029 for ICE, enabling ~1 million deportations/year (en.wikipedia.org).

• Expands immigration detention and enforcement capacity .

• Debt ceiling raised by $4–5 trillion, matching the scale of the bill (en.wikipedia.org).

• Budget cost: ~$3–4 trillion added to the national deficit over 10 years (CBO originally ~2.4T by 2034; later ~$2.8T–3.4T due to changes) (en.wikipedia.org).

• Critics call it the largest shift of wealth upwards in U.S. history .

• Sunset of clean energy credits: EVs cut by September, then solar/wind by 2027 .

• Rolling back green incentives is expected to reduce clean energy jobs and undercut climate goals(indiatimes.com).

• Senior deduction: up to $6,000 (sunsets 2028) to offset some Social Security taxation (en.wikipedia.org).

• Byrd Rule exclusions: several provisions removed (e.g., firearm silencer tax, environmental rollbacks, Pell grants) to comply with reconciliation rules (en.wikipedia.org).

This bill marks one of the most comprehensive tax-and-spending shifts in U.S. history, viewed by supporters as a growth engine and by critics as a “Reverse Robin Hood”—favoring the wealthy at the expense of low-income Americans, healthcare access, and climate initiatives (en.wikipedia.org).

• Signed into law by President Trump during a July 4 ceremony at the White House (cbsnews.com).

• Implementation rolling out: tax provisions begin immediately; eligibility & cuts phase in over coming years