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" will add trillions to the national debt through tax cuts, and millions of people could lose their health insurance.

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.