The One Big Beautiful Bill is a Republican-backed budget reconciliation law passed by the 119th United States Congress, containing tax and spending policies that form the core of President Donald Trump's second-term agenda. Here are some key points about the bill:

Key Provisions

- *Tax Cuts*: Permanently extends the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. It also includes temporary tax deductions for tips, overtime pay, auto loans, and creates Trump Accounts, allowing parents to create tax-deferred accounts for the benefit of their children.

- *Border Security and Immigration*: Includes $150 billion in new defense spending and another $150 billion for border enforcement and deportations. It increases funding for ICE from $10 billion to over $100 billion by 2029.

- *Energy Policy*: Phases out clean energy tax credits that were included in the Biden-era Inflation Reduction Act and promotes fossil fuels over renewable energy.

- *Healthcare*: Cuts Medicaid spending, with the Congressional Budget Office estimating that 10.9 million Americans will lose health insurance coverage.

Impact

- *Economic Growth*: The bill is estimated to add $2.8 trillion to the national debt by 2034 and cause 10.9 million Americans to lose health insurance coverage.

- *Tax Relief*: The Joint Committee on Taxation estimates the bill provides over $600 billion in new tax relief to middle-class households, with the largest proportional tax benefits going to workers and families making less than $50,000 ¹ ².