One year later, here's who won — and lost — under the OBBBA
Summary
Nearly a year after President Trump signed the One Big Beautiful Bill Act (OBBBA), the effects on different groups are becoming clear. The law lowered taxes for many households and businesses but reduced federal spending on programs like Medicaid and food stamps to pay for those cuts.Key Facts
- The OBBBA was signed by President Trump on July 4, 2025.
- The law lowers taxes for millions of middle- and high-income households and businesses.
- To balance the tax cuts, the bill reduces federal funding for programs such as Medicaid and food stamps.
- High-income households benefit from preserved lower top tax rates and increased state and local tax deductions.
- Corporations benefit from permanent 100% bonus depreciation and deducting research expenses immediately, lowering their taxes.
- Large companies like Amazon, Alphabet, Meta, and Tesla received significant tax breaks under the law.
- Some provisions helping tipped and overtime workers aim to let them keep more of their earnings.
- Full impacts vary by income level, age, job status, and program dependence, with some changes delayed until 2026 or 2027.
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