Different provisions of the GOP tax and spending bill will kick in over the next year or so. Many are set to expire just before Trump's term ends.

President Donald Trump on Friday signed into law his sweeping tax cut and spending package, what he’s called the “big, beautiful bill,” in a Fourth of July ceremony packaged with patriotic pomp and symbolism.

Nonpartisan analysts say the wealthiest Americans would see the biggest benefits from the bill, while lower-income people would effectively see their incomes drop.