President Donald Trump signed his "big beautiful" spending bill into law on July 4.One provision is an increase to the maximum child tax credit, raising it from $2,000 per eligible child to $2,200 beginning in 2026.

Now that the tax and spending bill has been signed into law, how it will impact the finances of Americans is more clear.

A provision in the One Big Beautiful Bill Act, recently signed into law by President Trump, will create the country’s first federal tax credit for donations to private schools. It aims to give families more choice in their child’s education,