The One Big Beautiful Bill Act, signed into law on July 4, 2025, enacts the largest tax overhaul since 2017—making tax cuts permanent, boosting deductions for families and small businesses, and creating “Trump Accounts” for savings.
In exchange, it slashes nearly $1 trillion from Medicaid, SNAP, and student loan programs, repeals green energy incentives, expands border and defense funding, and is projected to raise the federal deficit by up to $3.8 trillion by 2034.
Supporters advertise it as a win for small business, national security, and economic freedom, while critics warn of increased uninsured rates, social service rollbacks, and long-term fiscal and environmental risks—making it one of the most polarizing bills ahead of the 2028 elections.