The bill impacts the program across three critical dimensions: direct tax changes for older Americans, long-term consequences for Social Security’s financial health, and indirect but major impacts on the program’s most vulnerable beneficiaries through cuts to essential support programs., Shown Here: Introduced in House (05/20/2025) One Big Beautiful Bill Act This bill reduces taxes, reduces or increases spending for various federal programs, increases the statutory debt limit, and otherwise addresses agencies and programs throughout the federal government. It is known as a reconciliation bill and includes legislation submitted by 11 House committees pursuant to provisions in , Big Beautiful Bill Summary passed House and Senate, awaiting Trump’s July 4 signature. Learn how it impacts taxes, Social Security, Medicaid, and your finances in this in-depth 2025 guide., Q: Has the One Big Beautiful Bill become law yet? A: Yes. The House passed the Senate version on July 3, 2025, by a 218-214 vote after the Senate passed it 51-50 on July 1, 2025. President Trump will sign it into law on July 4, 2025. The bill is now enacted and changes will begin taking effect according to the established timeline. 2., The U.S. Senate has passed a major 2025 tax reform package known as the “One Big Beautiful Bill” (OBBB). If enacted, it would extend key provisions of the Tax Cuts and Jobs Act (TCJA), increase popular deductions, and introduce new tax breaks for working Americans and seniors., July 2025 has delivered fireworks beyond the Fourth of July: Congress has passed a monumental new tax law—informally known as the “One Big Beautiful Bill Act.” While the official name was removed for procedural reasons, this massive bill is set to become the defining tax legislation of the decade..