These are some of the key tax changes in President Donald Trump’s “big beautiful bill” and how it compares to current law.

Donald Trump signed his 'big beautiful' tax and spending bill into law July 4. Here are the five biggest winners and losers: ...

Chart #3 shows federal spending and revenues as a percent of GDP. Note that spending has averaged a bit less than 20% of GDP since WWII, while today it is about 23% of GDP.

Understand federal income tax, its progressive structure, and how it's calculated. Learn about tax brackets and credits to minimize your tax burden.

For example, if you made $48,000 last year, you fell into the 22% tax bracket. But if your income remains at the same level throughout 2025, you'd drop down to the 12% bracket.