The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.

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.

Simply put, taxpayers will be able to benefit from many of the tax changes in 2025, although they might not notice the changes until they file taxes next year.