What Trump’s Big Beautiful Bill Means for Your Wallet

Spanning nearly 1,000 pages, the measure includes permanent tax changes and provisions affecting families, seniors, and businesses.

People at Peet's Coffee in Washington on July 1, 2025. Madalina Kilroy /The Epoch Times

The One Big Beautiful Bill Act, which President Donald Trump signed on Independence Day, is expected to usher in significant changes to Americans’ personal finances.

Spanning nearly 1,000 pages, the legislation locks in Trump’s 2017 tax cuts and introduces new tax breaks—including deductions for tips, overtime pay, and auto loan interest—while also offering a special $6,000 deduction for seniors who receive Social Security.