Evaluating the Winners and Losers of Trump's Tax Overhaul

WHO:

[11:39 AM EDT] - CBS News - President Trump signed the "One Big Beautiful Bill Act."

[11:39 AM EDT] - CBS News - White House spokesman Kush Patel commented on the law.

[11:39 AM EDT] - CBS News - Andrew Lautz, director of tax policy for the Bipartisan Policy Center, provided insights on the law's impact.

[11:39 AM EDT] - CBS News - Jon Whiten, deputy director of the Institute on Taxation and Economic Policy, discussed the tax cuts.

[11:39 AM EDT] - CBS News - U.S. Treasury Secretary Scott Bessent spoke about Trump Accounts.

[11:39 AM EDT] - CBS News - Poonam Gupta, a tax expert with the Urban Institute, commented on changes to SNAP.

[11:39 AM EDT] - CBS News - Heather Hahn from the Urban Institute discussed the impact on retailers.

[11:39 AM EDT] - KOMO - Brandon Arnold, Executive Vice President of the National Taxpayers Union, discussed the law's impact.

WHAT:

[11:39 AM EDT] - CBS News - The "One Big Beautiful Bill Act" lowered taxes for millions of households and businesses.

[11:39 AM EDT] - CBS News - The law cut federal spending on programs such as Medicaid and food stamps.

[11:39 AM EDT] - CBS News - The law included provisions like full equipment expensing and a permanent 20% tax deduction for small businesses.

[11:39 AM EDT] - CBS News - The top individual tax rate was permanently preserved at 37%.

[11:39 AM EDT] - CBS News - The state and local tax deduction was increased from $10,000 to $40,000.

[11:39 AM EDT] - CBS News - The top 1% are projected to receive $1 trillion in tax cuts over a decade.

[11:39 AM EDT] - CBS News - Corporations received benefits from 100% bonus depreciation for short-lived asset investments.

[11:39 AM EDT] - CBS News - About 7 million workers claimed the "no tax on tips" deduction, with a typical deduction of $7,000.

[11:39 AM EDT] - CBS News - About 34 million seniors claimed a $6,000 bonus deduction under the OBBBA.

[11:39 AM EDT] - CBS News - The OBBBA created Trump Accounts for children, with a $1,000 Treasury deposit for eligible newborns.

[11:39 AM EDT] - CBS News - SNAP participation dropped by more than 4 million people, or 10%, since the law was enacted.

[11:39 AM EDT] - CBS News - EV sales fell by 22% in 2026 compared to the previous year.

[11:39 AM EDT] - KOMO - The average tax refund climbed to roughly $3,400.

[11:39 AM EDT] - KOMO - About 97% of Americans received a tax cut under the legislation.

[11:39 AM EDT] - KOMO - Projections suggest the business tax incentives could create more than 800,000 jobs.

WHERE:

[11:39 AM EDT] - CBS News - The law affects households and businesses across the United States.

[11:39 AM EDT] - CBS News - The Urban Institute is based in Washington, D.C.

WHEN:

[11:39 AM EDT] - CBS News - The "One Big Beautiful Bill Act" was signed into law on July 4, 2025.

[11:39 AM EDT] - CBS News - Changes to Medicaid are expected to take effect in 2027.

[11:39 AM EDT] - CBS News - Parents may begin contributing to Trump Accounts starting July 4, 2026.

WHY:

[11:39 AM EDT] - CBS News - The law aims to provide tax relief for low- and middle-income families while reducing waste in federal programs.

[11:39 AM EDT] - CBS News - Supporters argue the law encourages business investment and job creation.

HOW:

[11:39 AM EDT] - CBS News - The law includes provisions for immediate deductions on qualifying capital investments for businesses.

[11:39 AM EDT] - CBS News - New work requirements for SNAP recipients were implemented to encourage employment.

(UPDATED July 3, 2026 17:34 UTC)

President Trump has signed the "One Big Beautiful Bill Act," which aims to lower taxes for millions of households and businesses while also cutting federal spending on programs like Medicaid and food stamps. The law introduces significant tax benefits, including a permanent 20% tax deduction for small businesses and an increase in the state and local tax deduction from $10,000 to $40,000, with projections indicating that the top 1% could receive $1 trillion in tax cuts over the next decade. Starting July 4, 2026, parents will be able to contribute to Trump Accounts for children, which include a $1,000 Treasury deposit for eligible newborns, as the law seeks to provide tax relief for low- and middle-income families and encourage job creation.