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Stock markets are up and tax cuts are coming for some, but consumer spending is slowing and the full effects of tariffs have not yet hit.
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The GOP megabill has new tax breaks aimed at low- and moderate-income households, and spending cuts that could make it harder for some to receive public assistance or hold onto health insurance.
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Trump signs his tax and spending cut bill at the White House July 4 picnic PoliticoTrump signs sweeping tax and spending bill into law BBCGame on: Republicans, Democrats trade fire over Big Beautiful Bill in 2026 battle for Congress Fox NewsGOP megabill littered with special tax breaks Politico
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The $7,500 tax credit that car shoppers can use for new EV purchases is set to expire at the end of September, according to the tax and spending bill that passed the House of Representatives on Thursday.
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