President Donald Trump's "big, beautiful bill" has passed the House of Representatives in a major win for the White House. Here's what's in it and what happens next

This article highlights 5 key ways that President Trump's One Big Beautiful Bill Act will transform individual taxation.

The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.