As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).

But the ugly new law is one of the least popular acts ever.

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.)

President Donald Trump's "big, beautiful bill" has passed the House of Representatives in a major win for the White House. Here's what's in it and what happens next

WSJ subscribers can submit their questions to our tax policy reporter and a news associate in the comments space. Sort by ‘Most Liked’ to see their responses.

The final version of the big, beautiful bill that will be signed into law by President Trump on Friday contains the tax provision that limits deductions for losses to 90 percent. It has caused widespread consternation among those who make their living by gambling. And by those who make their living by getting people to gamble.

Blackburn: Trump signed a law that cuts your taxes, bolsters border security, and enhances Tennessee jobs, with zero cuts to Medicaid benefits.