The House version of the bill is calculated to add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the Congressional Budget Office.

Trump is trying to push his 'big beautiful tax and spending bill through Congress. Here's who would benefit the most – and who could get hurt.

The House votes in favor of "big beautiful bill." If bill passes Senate, some will see tax cuts and millions could lose Medicaid coverage.

Extending the 2017 tax cuts alone could save the typical household $2,900, but the legislation also affects overtime, tips and health care.

The U.S. House of Representatives passed a major tax on university endowments on May 22. Colleges say the measure would slash student financial aid.

The spending bill passed by the U.S. House increases a tax the richest private universities pay on their endowment investment gains, a move proponents say reins in "woke" schools but that critics say will wind up hurting the poorest students the most.

The prohibition abruptly expanded to include adults hours before the House passed the bill, escalating the crackdown on transgender care once focused on children.

The bill now faces a difficult test of making it through a Republican-controlled Senate with different preferences and priorities.

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.

President Donald Trump’s signature tax bill narrowly passed the House Thursday morning, overcoming fierce Republican infighting and advancing a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden.

The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.