What’s Next for the One Big Beautiful Bill Act? And What’s Inside?

After a marathon Senate session packed with amendments, negotiations, and a dramatic tie-breaking vote from Vice President JD Vance, President Donald Trump’s One Big Beautiful Bill Act (H.R. 1) has officially cleared the Senate. The vote: 51-50. The next step? A return trip to the House.

Now, the House must vote on the Senate’s revised version of the bill. And while the bill passed the Senate, the numerous amendments made could spark new opposition. If the House signs off, the bill heads to President Trump’s desk, with a July 4th signing ceremony already rumored.

Key Provisions of the Bill

Tax Cuts & Incentives:

• Makes permanent many individual and corporate tax cuts from the 2017 Tax Cuts and Jobs Act

• Introduces tax-free tips and overtime pay

• Allows car loan interest deductions

• Provides a $6,000 tax break for seniors earning under $75,000 annually

• Expands 100% bonus depreciation for business equipment and domestic R&D costs

Offsets & Spending Cuts:

To offset nearly $4.5 trillion in tax cuts, the bill includes $1.2 trillion in spending reductions, including:

• Medicaid & SNAP changes

  • Imposes 80-hour/month work requirements

  • Introduces a $35 copay for many Medicaid services

  • Tightens eligibility and reduces federal reimbursements to states

Other Major Changes:

• Rollbacks on clean energy tax credits; EV tax credits would now sunset in September 2025

• $350 billion allocated for national security, including increased deportation funding and more border wall construction

• Cuts to Planned Parenthood funding

• A $40 million allocation for the National Garden of American Heroes

• Elimination of the $200 tax on gun silencers and short-barreled rifles

• A new excise tax on large university endowments

• Adjustments to federal student loan programs

• $88 million for a new pandemic accountability committee

With so much packed into this 940-page bill, all eyes now turn to the House. If lawmakers can agree on the Senate's revisions, the bill will head to the president’s desk—and into the July 4th headlines.