WASHINGTON: One Big Beautiful Bill Act winners and losers are clearer nearly one year after President Donald Trump signed the tax and spending law, according to CBS News.
The law lowered taxes for millions of households and businesses. It also helped fund those cuts by reducing spending on federal programmes such as Medicaid and food stamps.
White House spokesman Kush Patel said the law was delivering short-term relief and supporting long-term economic growth.
Andrew Lautz, director of tax policy at the Bipartisan Policy Centre, said many tax cuts targeted middle-class taxpayers. He also said several provisions mainly benefited wealthy households.
High-income households benefited from the law’s extension of the 2017 tax cuts. The law kept the top individual tax rate at 37% rather than allowing it to revert to 39.6%. The law also raised the state and local tax deduction cap from $10,000 to $40,000 a year.
Jon Whiten, deputy director of the Institute on Taxation and Economic Policy, said the top 1% could receive $1 trillion in tax cuts over a decade.
Corporations gained from permanent 100% bonus depreciation and immediate deductions for domestic research and development expenses.
The House Ways and Means Committee said about 7 million workers claimed the “no tax on tips” deduction, while 28 million claimed the overtime deduction.
Taxpayers age 65 or older received a $6,000 bonus deduction, subject to income limits. The committee said about 34 million seniors claimed it.
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The law also created Trump Accounts, with a $1,000 Treasury deposit for eligible newborns. US Treasury Secretary Scott Bessent said more than 6 million Americans had opened accounts.
SNAP recipients faced stricter work requirements. The Centre on Budget and Policy Priorities said participation fell by more than 4 million people through March.
The law also ended federal electric vehicle tax incentives. Cox Automotive said EV sales fell 22% year over year so far in 2026.
