President Donald Trump’s One Big Beautiful Bill Act, which will transform taxes and other federal policies, is indeed big: 1,116 pages in the House version and 887 pages in the Senate. How attractive it is to you depends on largely on how big your paycheck will be in 2026.
The two bills are billions of dollars apart, but the general themes remain the same: Americans won't face bigger tax bills next year, and a portion of the deficit spending will be offset with cuts in health and food assistance programs, affecting the finances of lower-income Americans.
The U.S. Senate narrowly passed its bill with 50 votes on July 1—with Vice President JD Vance casting the deciding vote—after intense Republican negotiations for changes. It now heads back to the House to reconcile the differences with on another tight deadline so it can be on Trump's desk for signature into law by July 4.