Donald Trump's Tax Bill: Who won and who lost

Business investors and wealthy Americans are among the biggest winners in President Donald Trump’s ‘Big, Beautiful’ bill. Those hit the hardest by the sweeping package include elite universities, who face new levies, and immigrants.

Here’s who won and who lost in the legislative centerpiece of the president’s domestic agenda:

WINNERS

Multimillionaires
Bill includes estimated $4.5T worth of tax cuts; estate tax exemption rises to $15M for individuals--$30B for married couples; 2017 Trump income tax cuts become permanent, favoring wealthy

Residents of High-Tax States
State and local tax deduction cap raised to $40K annually for five years, then reverts to $10K

Small Business Owners
2017 law that allowed 20% pass-through income deduction for sole proprietorships, LLCs, partnerships permanently extended from 2026

Private Equity
Carried interest tax break survives; interest expense deductions expanded for private equity

Domestic Car Dealers
Up to $10K a year in USmade car loan interest deductible through 2028, with income-based phase-out

Manufacturers
Bonus depreciation for the cost of production upgrades and a R&D tax break made permanent

Fossil Fuel Producers
Industries win tax breaks and new requirements to open up more federal land for drilling; clean energy breaks phased out

Elderly and Tipped Workers
Larger standard deduction for seniors; tips and overtime pay exempted from income taxes. Provisions include limits to shrink cost and expire after 2028

Parents
Max child tax credit rises by $200 starting 2025, permanently indexed to inflation; “Trump accounts” for newborns seeded with $1,000 through 2028

Telecommunications
Large swaths of spectrum auctioned, benefiting the likes of Starlink as well as 5G and future 6G network development

Corporations
Proposed tax hikes that would have hit big business largely rejected

Defence Contractors
$150B boost to defence spending, funding new weapons systems and military contracts

Space
Nearly $10B in funding for Moon, Mars missions, and ISS decommissioning

LOSERS

Low-Income Americans
Cuts to Medicaid and food stamps; new work requirements for some Medicaid recipients and cost-sharing imposed

Renewable Energy
Clean energy industries hit; a tax credit for solar panels and wind systems is quickly phased out; efficiency and home installation credits eliminated by year-end

Gamblers
Only 90% of gambling losses deductible, possibly creating taxes on net losses

Technology Companies
States retain power to regulate AI, a setback for large tech firms and investors.

Immigrants
1% tax on remittances; some lose access to health coverage tax credits

Elite Universities
Endowment income tax climbs to 8% for top private colleges with large funds

Electric Vehicle Makers
$7,500 consumer tax credit for buying EVs eliminated, hitting the likes of Tesla and GM