A new report from the non-partisan Tax Foundation projects that the One Big Beautiful Bill Act, signed by President Donald Trump last month, will reduce federal taxes by an average of $3,752 per filer in 2026. The study finds taxpayers in every state gain, with Wyoming seeing the biggest average cut at $5,375 and West Virginia the smallest at $2,503. Over the long run, the group estimates the law will create about 938,000 full-time jobs. The legislation makes the expiring 2017 Tax Cuts and Jobs Act provisions permanent and adds new deductions for tipped and overtime income, an expanded child-tax credit and a higher standard deduction. It also restores 100 percent bonus depreciation and immediate R&D expensing for businesses, and quadruples the state-and-local tax deduction cap through 2029. Republican lawmakers are promoting the measure as the largest middle-class tax cut in U.S. history and a catalyst for investment, while pointing to other provisions—such as funding for border security and defense modernisation—contained in the sweeping package. Democratic critics label the law the “Big Ugly Bill,” arguing that it is offset by broader cost increases tied to Trump-era tariffs and the repeal of clean-energy incentives. A Forbes analysis attributes a nearly 10 percent rise in residential electricity prices this year partly to the bill’s energy provisions, and Colorado’s Rep. Brittany Pettersen says tariffs have pushed back-to-school supplies up 7.3 percent on average. Budget watchdogs warn that the revenue loss could deepen federal deficits. The Congressional Budget Office estimates the measure will add roughly $4.1 trillion to the national debt by 2034.