The "Big Beautiful Bill," officially known as the One Big Beautiful Bill Act (OBBBA), is a major U.S. federal statute signed into law by President Donald Trump on July 4, 2025. It includes sweeping tax and spending policies that form the core of Trump's second-term agenda. The bill is a massive piece of legislation covering various sectors of the American economy and contains hundreds of provisions. Key aspects of the Big Beautiful Bill include:

• Permanently extending the individual tax rates that Trump originally enacted in 2017.
• Providing the largest tax cut in history for middle- and working-class Americans, with over $10,000 more in annual take-home pay for many families.
• Eliminating taxes on tips, overtime, and Social Security benefits.
• Increasing the child tax credit permanently for more than 40 million families.
• Creating "Trump Accounts," tax-deferred savings accounts for newborns.
• Raising the cap on state and local tax deductions for certain taxpayers.
• Significant cuts to Medicaid spending, along with new work requirements for Medicaid and SNAP benefit recipients.
• Massive funding increases for defense, border enforcement, and Immigration and Customs Enforcement (ICE).
• Promoting fossil fuels over renewable energy and changing certain energy tax credits.
• Raising the debt ceiling by $5 trillion.
• Expanding investments in infrastructure, military modernization, and domestic energy production.

The bill is estimated to add roughly $3 trillion to the national debt over 10 years and is projected to cut approximately $4.46 trillion in tax revenue during that period. It has been described as the most pro-worker, pro-family, and pro-growth legislation in U.S. history, asserting strong benefits for middle- and working-class taxpayers, while also including controversial cuts to health and nutrition programs. Overall, the Big Beautiful Bill is a landmark law that reshapes tax policy, social program funding, and federal spending with a strong emphasis on tax relief for everyday Americans, defense spending, and immigration enforcement, making it one of the most consequential laws passed in recent U.S. history.