Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)

One provision is an increase to the maximum child tax credit, raising it from $2,000 per eligible child to $2,200 beginning in 2026. The 2017 Tax Cuts and Jobs Act temporarily increased the credit from $1,000 to $2,000, but was set to expire after 2025 without action from Congress.

The newly passed legislation awaits Trump's signature in a White House ceremony on Friday following a 218-214 vote in the House.