“Trump’s New Tax & Spending Law: Big Wins for Education, Tips — But Gamblers Take a Hit”

 President Trump’s sweeping “One Big Beautiful Bill,” signed July 4, is shaking up the U.S. tax code—from rewards for families to a sting for gamblers. New “Trump accounts” will give newborns $1,000 to boost long-term savings, while 529 education plans now allow up to $20,000 annually for K–12 expenses and expanded uses for career training and continuing education . Workers see tax relief too, with no federal tax on tips and overtime (capped at $150K income), and small-business and car-loan interest deductions all introduced . But it’s not all upside—starting 2026, gamblers can only deduct 90% of their losses, not 100%, drawing criticism from pro bettors and lawmakers .