The House has passed President Trump's extensive tax legislation, dubbed the 'big beautiful bill', which aims to extend the 2017 tax cuts and implement changes including student-loan forgiveness repeal and adjustments to Medicaid and SNAP. The Senate will now review the bill, which the Congressional Budget Office warns could add $4 trillion to the deficit over the next decade. Key features include increased child tax credits and new deductions for workers, all of which could significantly impact American finances into the future.
The tax bill heads to the Senate, where it is still subject to change.
Trump's tax bill could add $4 trillion to the federal deficit over the next decade.
The bill would allow workers to claim a tax deduction on tips and overtime wages.
The legislation would increase the child tax credit from $2,000 to $2,500 through 2028.
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