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. The 2017 Tax Cuts and Jobs Act temporarily increased the credit from $1,000 to $2,000, but was set to expire after 2025 without action from Congress.

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

The US Congress has recently passed the ambitious tax package known as "The One, Big, Beautiful Bill", a proposal pushed by Republican lawmakers and backed by President Donald Trum