Trump’s back, and so is a bold legislative play. Officially known as H.R. 1, the “One Big Beautiful Bill” (OBBBA) is a sweeping package aiming to reshape taxes, spending, and social policies all at once. Here’s what you need to know.

What Is the “One Big Beautiful Bill”?

This is Trump’s all-in-one legislative push, a massive bill combining tax cuts, defence and border spending, and cuts to social programs. First passed by the House in May, the Senate has now approved its own version in early July. The goal remains clear: deliver a major policy win just in time for Independence Day—and it did.

What’s Inside the Bill?

• Tax Cuts Extended: Permanently extends Trump-era individual and corporate tax cuts; raises SALT cap to $40K (up from current $10K limit)

• Child & Income Credits: Temporarily boosts Child Tax Credit to $2,500; adds deductions for seniors, tipped income, and overtime pay.

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