Now that the tax and spending bill has been signed into law, how it will impact the finances of Americans is more clear.

Trump signed the multitrillion-dollar legislation outside the White House, and then banged down the gavel that House Speaker Mike Johnson gifted him that was used during the bill’s final passage Thursday.

Different provisions of the GOP tax and spending bill will kick in over the next year or so. Many are set to expire just before Trump's term ends.