The Big Beautiful Bill ushers in significant changes to Americans’ personal finances.
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| “That which has become habitual, becomes as it were natural.” |
— Aristotle, “Art of Rhetoric” |
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President Donald Trump signed the One Big Beautiful Bill Act into law on July 4, celebrating both a major legislative victory and America’s Independence Day at a White House ceremony.
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The Big Beautiful Bill ushers in significant changes to Americans’ personal finances. Here’s what the law means for your wallet.
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Catastrophic flash flooding triggered by torrential rainfall has left at least 24 people dead, 20 girls missing, and extensive damage across parts of central Texas, prompting urgent rescue operations and widespread power outages on Independence Day.
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Meet the family of Italian-American fireworks masters who tap into cultural heritage and technology to light up Independence Day with spectacular shows.
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🥑 Health: Avocados protect the heart, brain, and eyes. Here’s how to maximize their benefits.
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| Ivan Pentchoukov
National Editor |
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President Donald Trump bangs a gavel after signing the "One Big Beautiful Bill" Act into law during an Independence Day military family picnic on the South Lawn of the White House in Washington on July 04, 2025. (Alex Brandon/Getty Images) |
The One Big Beautiful Bill, which President Donald Trump signed on Independence Day, ushers in significant changes to Americans’ personal finances. Spanning nearly 1,000 pages, the legislation locks in Trump’s 2017 tax cuts and introduces new tax breaks—including deductions for tips, overtime pay, and auto loan interest—while also offering a special $6,000 deduction for seniors who receive Social Security.
Here’s what the measure could mean for your wallet: Tax Cuts |
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At the heart of the legislation is the permanent extension of the tax cuts first enacted under the Tax Cuts and Jobs Act of 2017 during Trump’s first term. That law reduced marginal tax rates across the board, with most brackets seeing cuts of roughly 2 to 4 percent.
- Those tax cuts were set to expire after 2025 without congressional action, which could have resulted in higher taxes for more than 60 percent of taxpayers by 2026.
- The One Big Beautiful Bill not only preserves those tax reductions but enhances several key provisions.
- The standard deduction will increase to $15,750 for single filers and $31,500 for married couples filing jointly.
- The estate and gift tax exemption rises to $15 million for individuals and $30 million for couples.
- The child tax credit grows to $2,200 per child starting in 2025, with up to $1,700 refundable, and future increases indexed to inflation.
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One of the bill’s novel features is the creation of new “Trump Accounts” for children born between 2025 and 2028.
- Under the provision, the federal government will make a one-time $1,000 deposit for every eligible child who is a U.S. citizen.
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Parents can contribute up to $5,000 annually, with investments growing tax-deferred in a fund that tracks a U.S. stock index. Employers can also chip in up to $2,500, contributions that won’t count as taxable income for the employee.
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Withdrawals from the accounts will be taxed as long-term capital gains if used for qualified purposes. (Full Article)
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The Supreme Court has decided not to revive the stalled lawsuit of a former middle school student who alleged he was bullied for being white and backing President Donald Trump.
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President Trump’s tariffs are at the center of a legal battle after a federal trade court recently held that they were illegal. Here’s what we know about the lawsuits challenging the tariffs.
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Catastrophic flash flooding triggered by torrential rainfall has left at least 24 people dead, others missing, and extensive damage across parts of central Texas, prompting urgent rescue operations and widespread power outages on Independence Day.
“Within 45 minutes, the Guadalupe River rose 26 feet, and it was a destructive flood, taking property and, sadly, lives,” Lt. Gov. Dan Patrick said during a news conference, adding that some areas saw 12 inches or more of rain per hour.
Patrick said that 20 children were still missing at a Christian summer camp for girls alongside the Guadalupe River in Hunt, a suburb of San Antonio. Federal resources have been mobilized to assist with efforts to rescue the missing girls.
The National Weather Service reported that between 5 and 12 inches of rain fell in some areas, with storms continuing to produce additional heavy rainfall and dangerous runoff. Flash Flood Warnings and Flood Warnings remain in effect across several counties, including Kerr, Bandera, Llano, Mason, Kendall, Comal, San Saba, and others. (More) More U.S. News: |
- The Epoch Times traveled from coast-to-coast asking people what the Fourth of July means to them and their families.
- Meet the Italian-American fireworks makers who tap into cultural heritage and technology to light up Independence Day with spectacular shows.
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Competitive eater Joey “Jaws” Chestnut reclaimed his title at Nathan’s annual Hot Dog Eating Contest following a one-year ban from the competition.
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The Hamas terror group has announced it delivered a “positive” response to a U.S.-brokered cease-fire proposal for Gaza, fueling hopes for progress toward ending its deadly conflict with Israel.
“The Hamas movement has completed its internal consultations as well as discussions with Palestinian factions and forces regarding the latest proposal by the mediators to halt the aggression against our people in Gaza,” the group said in a statement.
“The movement has delivered its response to the brotherly mediators, which was characterized by a positive spirit,“ the statement added. ”Hamas is fully prepared, with all seriousness, to immediately enter a new round of negotiations on the mechanism for implementing this framework.”
A Palestinian official from a group allied with Hamas told Reuters that significant obstacles remain, including concerns over the flow of humanitarian aid, access through the Rafah crossing into Egypt, and a clear timetable for Israeli troop withdrawals.
President Donald Trump announced on July 1 a “final proposal” for a 60-day cease-fire in the nearly 21-month war between Israel and Hamas, saying he expected swift responses from both sides. Trump has been pushing for a peace agreement to end the conflict.
Israeli Prime Minister Benjamin Netanyahu, who is scheduled to meet Trump in Washington on July 7, has yet to publicly comment on Trump’s announcement. The Israeli leader has repeatedly demanded the disarmament of Hamas—an issue the terrorist group, believed to be holding 20 living hostages, has so far refused to address. (More) More World News: |
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President Donald Trump and Ukrainian President Volodymyr Zelenskyy held a phone call on July 4 discussing efforts to bolster Ukraine’s air defenses amid intensifying Russian attacks, according to Ukrainian statements describing the conversation as “very important and fruitful.”
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The United States and Colombia recalled their ambassadors on July 3, signaling a diplomatic rift between the two nations amid an investigation into an alleged plot to oust Colombian President Gustavo Petro.
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Salvadoran President Nayib Bukele dismissed claims by lawyers of suspected MS-13 gang member Kilmar Armando Abrego Garcia that he was tortured while in prison in the South American nation.
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Mexican President Claudia Sheinbaum said on July 4 that she expects boxer Julio César Chávez Jr. to be deported to Mexico to serve a prison sentence after his arrest in Los Angeles by U.S. immigration authorities.
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China will impose duties of up to 34.9 percent on European brandy for five years starting July 5.
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Photo of the Day: People celebrate the Fourth of July with a parade in Banner Elk, N.C., on July 4, 2025. (Allison Joyce/Getty Images) |
📸 Day in Photos: US Independence Day, Gas Station Explosion, Diogo Jota Tribute (Look) 📊 Infographic: Words of Wisdom From America’s Presidents (Look) ✍️ Opinion: |
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To Deter China, Peace Through Strength Cannot Be Just a Catch Phrase—by Gary Anderson (Read)
- Can Beauty in Interior Design Make a Return?—by Jeffrey A. Tucker (Read)
- Unpacking the Supreme Court’s ‘Universal Injunction’ Decision—by Rob Natelson (Read)
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Once unfairly dismissed during the low-fat diet craze of the late 1970s and 80s—an era when all fats were seen as harmful—avocados have since made a strong comeback. Today, they’re celebrated as a nutrient-dense source of heart-healthy fats.
“Avocado’s appeal stretches far beyond trendy brunch fare,” Amanda Izquierdo, a registered dietitian, told The Epoch Times. “Numerous studies have explored how avocados contribute to overall health.” Key Nutrients |
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Abundant monounsaturated fats: Avocados are rich in healthy monounsaturated fats, especially oleic acid, which makes up 40 to 60 percent of an avocado’s fat content. “Half an avocado has about the same amount of oleic acid found in 1 tablespoon of olive oil,” Lorena Pacheco, a research scientist in the Department of Nutrition at the Harvard T.H. Chan School of Public Health, told the Epoch Times.
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Rich in potassium: Avocados have almost twice as much potassium as bananas. 100 grams of avocado contains 576 milligrams of potassium, while the same amount of banana only contains 326 mg.
- Plentiful lutein and zeaxanthin: Essential carotenoids our bodies cannot produce. One avocado contains approximately 0.5 milligrams of lutein.
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In a 2022 large-scale prospective cohort study published in the Journal of the American Heart Association, researchers analyzed data from 110,487 health professionals over 30 years.
Participants who ate at least two servings of avocado a week had a 16 percent reduction in cardiovascular disease risk, and a 21 percent reduced risk of coronary heart disease compared to those who rarely or never ate avocados.
The study also examined the effects of replacing a half-serving of eggs, yogurt, cheese, margarine, butter, or processed meats with the same amount of avocado daily and found that it was associated with a 16 to 22 percent reduced risk of cardiovascular disease (CVD). (More)
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Thanks for reading. Have a wonderful day. |
—Ivan Pentchoukov, Madalina Hubert, and Kenzi Li. |
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