Other highlights include charitable contributions deductions, auto loan interest deduction for certain new vehicles, and increased deductions and credits for families. “Everyday taxpayers who received the standard deduction had no tax planning opportunities under the 2017 TCJA (Tax Cuts and Jobs Act),

Here is what President Donald Trump's massive tax and spending bill could mean for the U.S. economy and your finances.

Both parties are planning to make the sweeping tax cut and spending measure an issue in this year’s gubernatorial races in Virginia and New Jersey.

President Donald Trump’s "big beautiful bill" includes key tax changes that are effective for 2025. Here is how they could impact you.

President Trump's "Big Beautiful Bill" might drive car sales up.A new tax cut is available to buyers as long as they purchase a U.S.-made vehicle.Trump's Big B

The IRS standard deduction is getting a major upgrade—and everyday Americans stand to benefit. Thanks to the newly passed One Big Beautiful Bill, taxpayers who previously had no reason to itemize can now access new deductions and credits starting in 2025 and 2026.

The CBO study also warns of trillions of dollars in additional economic impacts, saying President Donald Trump’s recently enacted tax and spending law will add trillions of dollars plus interest to the federal deficit.