President Donald Trump's sweeping legislative package, dubbed the "Big, Beautiful Bill," has officially passed both chambers of Congress and was signed into law.

The Republican legislation will modify U.S. tax and spending policies while introducing some new reforms aimed at families and small businesses.

The 1,116-page legislation, which Trump described as "the most beautiful piece of policy ever written," bundles tax reforms, budget cuts and immigration enforcement funding.

Key provisions include permanent individual tax rate reductions, expanded deductions for small-business owners and an enhanced child tax credit.

The legislation also mandates stricter requirements for Medicaid recipients and introduces new rules that affect immigrants who complete remittance transfers, or money transfers sent to family or friends in their home country.

According to a summary from the U.S. House Committee on Ways and Means, the bill expands "tax relief for middle class and low-income Americans."

The bill extends Trump's 2017 tax cuts, which were due to expire in 2026, and introduces several new tax code adjustments. The bill prevents a 22 percent tax hike for average taxpayers, as previously reported by

Under the bill, overtime wages, as well as tips for service workers, will not be taxed.