The tax code is becoming charitable to many more donors thanks to changes in the new tax and spending law. That’s going to help nonprofit organizations that rely on donations, and also everyday Americans who are navigating new tax-code complexities within the One Big Beautiful Bill Act that President Donald Trump signed into law on July 4.

New law reduces the number of federal student loan repayment options and caps how much individuals can borrow for higher education.

The GOP measure includes tax cuts and spending reductions, as well as immigration enforcement funding.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

The Republicans' tax cut and spending package, dubbed the "big, beautiful bill," includes a tax deduction for car loan interest of up to $10,000 annually for qualified vehicles.

House Speaker Johnson says President Trump's "big, beautiful bill" will help the GOP in the midterms. Key Senate races are now in the spotlight as Republicans aim to hold their slim majority in 2026.

Democratic Party officials are looking at the Big Beautiful Bill as a political gift and hoping voters view cuts to social spending negatively. But the party faces challenges ahead of the midterms, including a Republican trifecta and a base questioning if party leadership is doing enough to challenge President Trump.