President Trump’s One Big Beautiful Bill Act brought about a host of changes to US tax policy, from tax breaks on tips and overtime to an increased cap on state and local tax deductions, also known as SALT. But are Americans feeling the shifts on tax day?

On today’s Big Take podcast, host David Gura and Bloomberg reporter Ben Steverman dig into how the president’s second-term tax provisions are playing out, and what a lower-than-expected increase on the average return could mean for the Republican Party heading into midterms later this year.

Read more: 
The Salary Penalty: Why Trump’s Tax Bill Hits a Banker Harder Than a Plumber
Tax Refunds Are Up, But Many Americans Aren’t Feeling It
People Are Using Claude to Do Their Taxes (But Maybe They Shouldn’t)

Further listening: Taxes Are Due Soon. Should the Rich Pay More?

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Ben Steverman; Edited by Aaron Edwards.

Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

President Trump&rsquo;s One Big Beautiful Bill Act brought about a host of changes to US tax policy, from tax breaks on tips and overtime to an increased cap on state and local tax deductions, also known as SALT. But are Americans feeling the shifts on tax day?
On today&rsquo;s Big Take podcast, host David Gura and Bloomberg reporter Ben Steverman dig into how the president&rsquo;s second-term tax provisions are playing out, and what a lower-than-expected increase on the average return could mean for the Republican Party heading into midterms later this year.
Read more:&nbsp;
<ul>
<li><a href="https://www.bloomberg.com/news/features/2026-04-14/trump-tax-breaks-favor-business-owners-investors-over-salaried-workers">The Salary Penalty: Why Trump&rsquo;s Tax Bill Hits a Banker Harder Than a Plumber</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2026-04-15/april-15-tax-day-refunds-are-bigger-but-less-than-trump-s-promise">Tax Refunds Are Up, But Many Americans Aren&rsquo;t Feeling It</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2026-03-18/claude-and-chatgpt-tax-prep-is-here-use-caution">People Are Using Claude to Do Their Taxes (But Maybe They Shouldn&rsquo;t)</a></li>
</ul>
Further listening:&nbsp;<a href="https://podcasts.apple.com/us/podcast/big-take/id1578096201?i=1000760117634">Taxes Are Due Soon. Should the Rich Pay More?</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Ben Steverman; Edited by Aaron Edwards.
Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

The Winners and Losers of Trump’s Tax Policy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/087dbf7b-69bd-4995-bf93-b42d015892a5/transcript