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July 7, 2025 
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Hello, and welcome back from the holiday weekend.
The wide-ranging domestic policy package that President Trump signed into law on Friday will touch the financial lives of Americans up and down the income ladder, but those at the bottom will feel the profound shifts most acutely. As my colleague Tony Romm reported, the law creates one of the largest retrenchments in the federal safety net in a generation.
And as my other colleagues note, it provides the most generous tax breaks more immediately, while reserving its most painful cuts for after the midterm elections.
We created a quiz that tries to help taxpayers understand how the new law will affect them directly, or even indirectly. The legislative language wasn’t entirely clear in some areas, and we’re still trying to gain more clarity on some of the provisions.
You may have some questions as well. Are you confused by any specific pieces of the new law? Send us your questions and thoughts here: yourmoney_newsletter@nytimes.com.
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