Republicans are close to passing President Donald Trump’s so-called One Big Beautiful Bill, which will cut taxes, slash programs for low-income Americans, ramp up funding for mass deportation, and penalize the solar and wind energy industries.

Oh, and it adds enormously to the nation’s debt — but who’s counting? (Independent analysts are, and they estimate it will add at least $3 trillion.)

The sprawling, 887-page bill contains far too many provisions to name here. But to get a better sense of the bill’s impact, it’s worth running down what it does in a few key areas.

The big picture, though, is that Trump is targeting Democratic or liberal-coded programs and constituencies — programs for the poor, student borrowers, and climate change — to cover part (but nowhere near all) of the cost of his big tax cuts and new spending.

Taxes: The current tax rates stick around – plus there’s some new tax cuts

The bill makes a variety of changes to tax law, some of which are about keeping tax breaks set to expire soon, others of which are adding new goodies in the tax code.

1) Making the 2017 Trump tax cuts permanent: In Trump’s first term, Republicans lowered income and other tax rates with his 2017 tax law. However, in a gimmick to make that law look less costly, the new lower rates they set were scheduled to expire at the end of 2025 — meaning that, if Congress did nothing, practically everyone’s taxes would go up next year.

So the single most consequential thing this bill does, from a budgetary perspective, is making those 2017 tax levels permanent, averting their imminent expiration.

That saves Americans from an imminent tax hike, but notably, it just keeps the status quo tax levels in place. So, in practice, many people may not perceive this as a new cut to their taxes.

2) New “populist” tax cuts: The bill also creates several new tax breaks meant to fulfill certain Trump 2024 campaign promises, such as “no tax on tips.” There will be new deductions for up to $25,000 in tip income, $12,500 in overtime income, $6,000

© Vox