These are some of the key tax changes in President Donald Trump’s “big beautiful bill” and how it compares to current law.

The Senate has passed its version of the One Big Beautiful Bill Act - with an expanded Child Tax Credit (CTC) for American families making it into the bill. The Senate approved the bill on July 1 after a marathon vote-a-rama. The bill passed by a narrow 51-50 margin, with Vice President JD Vance casting the tie-breaking vote.

Bankruptcy can clear IRS debt—but only in specific cases. Learn the rules, tax forgiveness options, and what the new Trump bill actually does.