Congress passed President Donald Trump’s tax and spending package Thursday, ushering in major changes to Americans’ finances.
The GOP’s marquee “one big beautiful” bill makes Trump’s 2017 tax cuts permanent while adding a senior “bonus” along with a bigger state and local tax deduction and higher estate and gift tax exemption.
Among other tax provisions, the megabill also includes breaks for tip income, overtime pay and auto loans, as well as the creation of a new tax-advantaged savings account for children.
The chart below outlines these key tax changes and how they could impact your wallet.