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,

If you’re banking on tax-free overtime to boost your paycheck, you’re out of luck. Trump’s “big beautiful bill” doesn’t change what you’re paid; it changes what you’re taxed. That happens at tax time, not on payday. Employers will keep withholding taxes as usual, and it’s up to you to apply the deduction — if you qualify — when you file.

Lawmakers approved language that would implement a 90% cap on how much gamblers can deduct from their losses against winnings, down from current law that allows them to earn 100% back.