President Donald Trump has signed into law the One, Big Beautiful Act (OBBA), and for taxpayers in high-tax states like California and New York, it may offer long-awaited relief — at least for a few years.

The “Big Beautiful Bill," as Trump has called it, includes a $1 trillion reduction in spending over the next decade for Medicaid, the government insurance program for low-income Americans. Trump signed the bill on July 4.

In a sweeping new fiscal package, lawmakers have unveiled a major overhaul of tax policy, federal spending, and entitlement programs. Here’s a breakdown of what’s in the plan.