Here's who won — and lost — under Trump's "big, beautiful bill"
A year after President Trump signed the sweeping tax and spending package, its effects on households, businesses and federal programs are increasingly evident.
Updated on: July 3, 2026 / 12:14 PM EDT / CBS News
Nearly one year after President Trump signed the "One Big Beautiful Bill Act," the landmark tax and spending law's winners and losers are coming into focus.
The sweeping legislation lowered taxes for millions of households and businesses, while helping to pay for those tax cuts by cutting federal spending on programs such as Medicaid and food stamps.
"President Trump's Working Families Tax Cut is simultaneously delivering short-term economic relief while laying the groundwork for long-term economic growth," White House spokesman Kush Patel said in an email to CBS News about the law, which was signed by Mr. Trump on July 4, 2025.
"The benefits go beyond just a one-time tax refund check, with other provisions like full equipment expensing and a permanent 20% tax deduction for small businesses fueling long-term investment that will create jobs and raise wages," he added.
Republican lawmakers laud the legislation as providing tax relief for low- and middle-income families and reducing waste, fraud and abuse in federal programs. Democrats counter that the law is financing those tax cuts, many of which they say benefit high-income families and corporations, by cutting programs that aid the most vulnerable Americans.