House Passes Trump's 'Big Beautiful Bill' With No-Tax Tips, Expanded Child Credits

President Donald Trump's "One Big Beautiful Bill" is making significant progress through Congress, aiming to deliver broad tax relief including no federal income tax on reported cash tips and overtime pay. The House of Representatives narrowly passed the bill, which also proposes increased child tax credits and expanded deductions for seniors, fulfilling several key campaign promises. While the Senate has passed a standalone "No Tax on Tips Act" unanimously, the full bill still faces challenges in the Senate, where details may be modified. The child tax credit would increase to $2,500 per child through 2028 before adjusting downward and indexed to inflation, benefiting primarily middle- and high-income families. Despite these tax cuts and increased spending, experts warn the bill could lead to a higher fiscal deficit, with potential long-term economic consequences. Additional provisions include tax deductions for purchasing American-made vehicles and border security funding, although the bill does not address taxation on Social Security benefits, a point of criticism for some seniors.