As Republicans tout Trump’s ‘big beautiful bill,’ here’s who the tax breaks benefited most
As Republicans tout Trump's 'big beautiful bill,' here's who the tax breaks benefited most. As the midterm elections approach, Republicans are touting President Donald Trump's "big beautiful bill" to voters. Here's who benefited from the tax cuts.
What happened
Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting ClubPROLivestreamMenuKey PointsAs the midterm elections approach, Republicans are touting President Donald Trump's "big beautiful bill" to voters. Leah Millis | ReutersAs the midterm elections approach, Republicans are touting President Donald Trump's "big beautiful bill" to voters as they fight to keep slim majorities in Congress. "Here's a breakdown of who benefited most from Trump's tax breaks, according to policy experts. President Donald Trump displays his signature on a sweeping spending and tax legislation known as the "One Big Beautiful Bill Act," at the White House, in Washington, July 4, 2025.
Nearly half of Americans say they can't explain Trump's One Big Beautiful Bill Act, according to a Politico poll that surveyed about 2,100 U. Trump's legislation, also known as the "Working Families Tax Cuts," made permanent his 2017 tax changes while adding new breaks for tip income, overtime earnings, seniors and auto loan interest, among others. But certain Americans have benefited more from Trump's signature tax cuts, policy experts say.
The wider picture
Trump's tax cuts were also a popular theme throughout the Republicans' midterm convention in Dallas this month. White House spokesman Kush Desai told CNBC in an email that "tens of millions of Americans have taken advantage of at least one of these signature provisions, and President Trump will continue to tout this historic achievement for the American people. As the midterm elections get closer, some policy experts say it's difficult to predict whether Trump's tax breaks will affect voters at the ballot box.
The bill also added a bigger federal deduction limit for state and local taxes, or SALT, for filers who itemize. Extending Trump's 2017 tax cutsTrump's legislation made permanent his changes in the Tax Cuts and Jobs Act of 2017, which included lower tax brackets, bigger standard deductions, a more generous child tax credit and a higher estate and gift tax exemption, among other provisions. "A clear majority of the benefit across the board" came from making these tax breaks permanent versus the new deductions, said Garrett Watson, vice president of federal tax policy with the Tax Foundation.
Trump's new tax deductions The new deductions, which were floated on the 2024 presidential campaign trail, phase out, or get smaller, based on certain income thresholds. But these tax breaks won't generate a refund if you have no balance due.
What has been reported
S. tax obligationsNews VideosTrump's legislation also significantly increased the SALT deduction limit, which applies to filers who itemize. The bigger SALT deduction is most beneficial to upper-middle-income to upper-income earners because it starts to phase out at $500,000, Watson said. How Trump's cuts affected tax refundsThe average tax refund size was watched closely throughout the tax season as one potential metric of how Americans fared from the 2025 tax changes. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
23hBill ConnellyWeekend predictions: Madrid derby heats up LaLiga, Brighton to stun Arsenal? 9 Barcelona wanted, but the one they needed (2:14)Bill ConnellySep 17, 2026, 07:33 AM ETCloseBill Connelly is a writer for ESPN. It isn't opponent-adjusted and therefore isn't intended to be predictive: it simply tells us who's in the hottest run of form. And based on league play, selected domestic cup play* and UEFA competitions, here are the 30 hottest teams from Europe's Big Five leagues since the start of the season. (*Because there have still been quite a few matches between first-division and much lower-division clubs in the Coppa Italia and DFB Pokal, we'll only include the England's League Cup and the countries' various super cups. . . for now.
What happens next
With the departure of Robert Lewandowski, the club tried hard to add Atletico Madrid's Julián Álvarez over the summer for a ridiculous transfer fee, and there's no way he would have topped Raphinha's form. Then again, maybe Jose Mourinho's return to Real Madrid has already maxed out the drama quota. play1:07Burley: Real Madrid dug themselves out of a massive hole with Elche winMourinho has been mostly quiet thus far, but while Real Madrid have battled through some wobbly road performances, their home form has been indomitable.
31)Manager Gian Piero Gasperini deploys one of the most exciting and aesthetically pleasing styles in the sport, and his second Roma team has been nearly perfect thus far. They've already played (and beaten) Manchester City in the Community Shield and Chelsea in the Premier League, and their next competitive loss will be their first since the Champions League final against PSG. (And technically, that was a draw until the shootout. ) They were the best team in the world's best league last season, and they've only gotten better and deeper with the additions of veterans Bruno Guimarães and Ezri Konsa and thrilling winger Christos Tzolis, who's already created four assists from 13 chances created in 420 minutes.
Regardless, it's impossible to bet against them in any given match right now, just as it was for almost all of last season. 27)Como may have provided the most delightful moment of Champions League Matchday 1, manhandling RB Leipzig 4-1 for their first ever win in the competition. In prepared remarks before the House Committee on Financial Services this week, Treasury Secretary Scott Bessent told lawmakers the legislation delivered tax relief "directly to millions of low- and middle-income Americans.
The report has been compiled by The Daily Waves using information reported across cnbc.com, espn.com. Details are presented according to the information available at the time of publication and may change as authorities, organisers or other relevant parties provide updates.