India, July 4 -- The One Big Beautiful Bill Act, passed by Congress on Thursday and expected to be signed by President Donald Trump on Friday, will bring several changes to your income tax. Americans across income brackets will take a hit.

According to an analysis from the Tax Policy Center, about 85% of households would get a tax cut in 2026 after the Big Beautiful Bill was passed. The center further estimates that by 2030, only about 70% of households will continue to have a tax break, and nearly 60% of the tax benefits will go to people with annual incomes of about or over $217,000.

Here is a breakdown of the tax changes by income bracket, effective mostly from December 31, 2024, or January 1, 2025.

Households earning $40,000-$50,00...