A provision in the One Big Beautiful Bill Act, recently signed into law by President Trump, will create the country’s first federal tax credit for donations to private schools. It aims to give families more choice in their child’s education,

President Donald Trump signed his "big beautiful" spending bill into law on July 4.One provision is an increase to the maximum child tax credit, raising it from $2,000 per eligible child to $2,200 beginning in 2026.

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.