an increase to the federal deduction for state and local taxes, a change that top earners will likely benefit the most from.

The One Big Beautiful Bill promises to maintain the tax cuts from the US president’s first term, implement new ones and expand spending on defence and border security.

According to the nonpartisan Congressional Budget Office, the legislation would reduce Medicaid spending by roughly $700 billion compared to the existing policy and result in approximately 8.6 millio...