On July 4, 2025, legislation known as the "One Big Beautiful Bill" was signed into law. Learn about the 2025 tax changes here.

Now that President Donald Trump signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns.

The impact of the massive spending bill President Donald Trump signed into law on Independence Day is expected to filter down to infants and toddlers — a segment of the population that's particularly vulnerable to cuts to the federal social safety net.