Tax breaks in the megabill, like no taxes on tips and overtime, only apply to people at certain income levels.

The ambitious tax reform bill, dubbed the 'One Big Beautiful Bill,' promises sweeping changes to the U.S. tax landscape. With significant implications for both businesses and individuals, this legislation could reshape economic dynamics and everyday life.

Congress passed the tax cut and spending megabill with President Trump's legislative priorities which includes new tax exemptions for tipped hourly workers. But how will it work?