(NEXSTAR) – President Trump's big tax cuts bill includes changes that would affect various groups of Americans, parents and guardians being one of them.

Should Trump succeed in swaying Republican holdouts and passing the 1,116-page bill as is, there is good news for child tax credit beneficiaries, who would see a temporary $500 increase to $2,500 per child.

The bill also includes additional tax breaks, such as a temporary $2,000 boost to the standard deduction, bringing it to $32,000 for joint filers.

Furthermore, the Trump administration seeks to follow through on a campaign promise not to tax tips, overtime and interest on some auto loans.

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© The Hill