That’s a quick snapshot of who will benefit and who won’t from what President Donald Trump labeled the “Big, Beautiful” bill that squeezed through a bitterly divided House after an all-night session by a 215-214 vote. All 43 of California’s Democrats opposed the measure, while all nine Republicans were for it.

Proposed IRC Sec 899 in the House-passed One Big Beautiful Bill Act, would impose escalating tax penalties on foreigners from countries with unfair taxes on U.S. persons.

Thursday morning's vote is already at the center of ads in swing districts, as Democrats and Republicans battle for control of the House in the midterm elections.

The U.S. House narrowly passed President Donald Trump's sweeping tax-cut bill Thursday, triggering a spike in Treasury yields as investors reacted to the bill's multi-trillion-dollar price tag and its long-term implications for debt sustainability.

House Republicans have reconvened for a potential all-night session on their multitrillion-dollar tax breaks package

The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.

Donald Trump's self-described "big, beautiful" tax bill has officially passed the House of Representatives and is now headed to the Senate.

The GOP might extend and increase the higher estate and gift tax exemption and AMT thresholds. What might this mean for your estate plan?