President Donald Trump's "One Big Beautiful Bill Act" is a comprehensive 1,116-page legislative package aiming to reshape U.S. fiscal and social policies. It encompasses extensive tax reforms, spending cuts and policy overhauls across various sectors.

A draft House version of the massive GOP tax and budget bill would make some expiring tax cuts permanent. Other goodies, including a bigger child tax credit and tax breaks for tips and overtime, are temporary.

In an effort to reduce emissions produced by gas-powered vehicles, the federal government began to offer Americans an electric vehicle tax credit of up to $7,500 during the Obama administration. This made pricey electric vehicles more affordable and accessible to average American drivers.