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Analysis of the Impact and Cost of the G.O.P. and Trump’s 'Big, Beautiful Bill'

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Source: ADP
Analysis of the Impact and Cost of the G.O.P. and Trump’s 'Big, Beautiful Bill'
Photo: ADP
TL;DR

H.R. 1, enacted on July 4, 2025, introduces significant changes to tax rates, deductions, and employee benefits, including permanent tax rate adjustments, a temporary increase in the SALT deduction cap, new deductions for tips and overtime, and enhancements to childcare and paid leave credits, with some provisions retroactive to January 1, 2025.

Topics:nationlegislation#employee-benefits#employment-tax#hr-1#legislation#payroll#tax-law
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  1. H.R. 1, "The One Big Beautiful Bill Act," Enacted July 4, 2025  ADP
  2. A List of Nearly Everything in the G.O.P. Bill, and How Much It Would Cost or Save  The New York Times
  3. When will key aspects of Trump’s ‘big, beautiful bill’ take effect?  The Hill
  4. Deep In a Fiscal Hole, Congress Just Keeps Digging  Bloomberg
  5. Will the tax cuts pay for themselves? : The Indicator from Planet Money  NPR

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