Much like President Trump’s 2017 tax bill, it will add substantially to the deficit and the debt without providing any meaningful impetus to economic growth. But this time, it will be much worse.

Trump signed the so-called “Big Beautiful Bill” into law on July 4. The tax cuts will take effect almost immediately, while the full impact of cuts to social safety net programs will be phased ...

Tax changes under Trump's ‘big beautiful bill' — in one chart By Kate Dore, CFP®, EA, CNBC and Jessica Dickler, CNBC • Published July 3, 2025 • Updated on July 7, 2025 at 6:13 am ...