Spending & Earning

What Trump’s ‘Beautiful’ Tax Bill Means for Your Money

Tax cut extensions, more breaks for business owners and a bigger cap on SALT deductions are among the big changes.

Mike Johnson speaks to the media at the US Capitol in Washington, DC, on May 22. — Mike Johnson speaks to the media at the US Capitol in Washington, DC, on May 22.
Photographer: Kevin Dietsch/Getty Images

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By Ben Steverman

May 23, 2025 at 2:10 PM UTC

House Republicans on Thursday narrowly passed what they’re calling the “One Big Beautiful Bill,” which consists of more than 1,000 pages of legislation making changes to everything from immigration and environmental policy to health insurance and taxes.

The bill now heads to the Senate, where significant changes are likely. GOP lawmakers are hoping to send a final version to President Donald Trump for his signature sometime this summer.