President Donald Trump signed the "One Big Beautiful Bill Act" into law on Friday (July 4) during an Independence Day celebration.

Trump's sprawling domestic policy bill will bring major cuts to food assistance, Medicaid, student loans, and clean energy programs to offset the costs for tax cuts and other GOP priorities, including border security, defense, and deportation.

While some aspects of the law will take effect later this year, others won't be implemented until after midterm elections in 2026, The Hill reports.

One of the most contentious parts of the bill was reforms to Medicaid, the joint federal and state program that provides health insurance coverage to low-income Americans. By 2034, roughly 16 million people could lose their health insurance due to Medicaid cuts and changes to the Affordable Care Act, according to the Congressional Budget Office.

New work requirements also put Americans at risk of losing their coverage. Beginning no later than December 31, 2026, adults between the ages of 19 and 64 will be required to work at least 80 hours a month to qualify for Medicaid coverage barring certain exceptions.

Medicaid funding changes aren't scheduled to take effect until 2028.

Trump's "Big Beautiful Bill" also adds new work requirements to the Supplemental Nutrition Assistance Program (SNAP), the country’s largest food assistance program. The rules apply to most adults ages 19 to 64, with limited exemptions, including for parents with children under 14.

It's unclear when the new work requirements will take effect, but a spokesperson for the Senate Republicans said there's no "delayed implementation in the law."

Tax cuts that Trump enacted during his first term in 2017 are now permanent, effective immediately. Under the law, Americans living in high-tax states like New York and California will receive larger tax deductions for state and local taxes beginning this year.

The law also cut tax incentives from the 2022 Inflation Reduction Act for clean energy and energy efficiency programs. Many of these tax credits will be eliminated starting later this year.

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