Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.

House Speaker Johnson says President Trump's "big, beautiful bill" will help the GOP in the midterms. Key Senate races are now in the spotlight as Republicans aim to hold their slim majority in 2026.

The "big, beautiful bill" signed into law​ by President Trump last week will allow him to dramatically expand his immigration crackdown.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

The 900-page tax and policy package fulfills several key campaign promises but also makes cuts that could boot millions from health care and food assistance programs.

The tax and spending package includes $66.4 billion in new money for programs assisting farmers, strengthening the safety net if there is significant volatility in crop prices and revenues.

Democratic Party officials are looking at the Big Beautiful Bill as a political gift and hoping voters view cuts to social spending negatively. But the party faces challenges ahead of the midterms, including a Republican trifecta and a base questioning if party leadership is doing enough to challenge President Trump.