The 'Big Beautiful Bill,' championed by President Donald Trump, introduces sweeping changes affecting millions of Americans. From tax cuts to significant shifts in Medicaid and SNAP, this legislation could reshape financial landscapes as early as July 4th.

These are some of the key tax changes in President Donald Trump’s “big beautiful bill” and how it compares to current law.

The Senate has passed its version of the One Big Beautiful Bill Act - with an expanded Child Tax Credit (CTC) for American families making it into the bill. The Senate approved the bill on July 1 after a marathon vote-a-rama. The bill passed by a narrow 51-50 margin, with Vice President JD Vance casting the tie-breaking vote.