A Guide to Trump’s Tax Cuts: What’s in His ‘Big, Beautiful’ Bill

On May 22, the US House of Representatives passed a multi-trillion dollar bill that implements President Donald Trump’s domestic agenda. The legislation would extend the tax cuts implemented in Trump’s first term, which were set to expire, and allocate billions of dollars to defense, immigration enforcement, and other administration priorities. The measure now moves to the Senate, which is expected to make significant changes. Here’s what to know.

The bill would permanently extend most of the individual and estate provisions of Trump’s 2017 Tax Cuts and Jobs Act, which are largely set to expire at the end of 2025. Those include increases to the standard deduction, a fixed dollar amount that reduces the income on which a person is taxed; lower income tax rates for most taxpayers; an increase in a tax credit that can be claimed for a dependent child; a deduction for privately held businesses; and a doubling of the amount that an individual can leave to their heirs upon death without incurring federal estate taxes.