#OneBigBeautifulBill
The "One Big Beautiful Bill" is a proposed tax relief package introduced by US President Donald Trump's administration. Its key provisions include:
- *Tax Cuts for Individuals:*
- No taxes on tips for 4 million tipped workers
- No taxes on overtime pay premium for 80 million hourly workers
- Tax relief for seniors, allowing middle- and low-income seniors to deduct an additional $4,000
- No tax on auto loan interest for American-made cars
- *Business Tax Incentives:*
- 100% expensing for entrepreneurs and job creators building or improving manufacturing structures and production facilities
- Reinstating 100% bonus depreciation for qualified property acquired between January 20, 2025, and January 1, 2030
- *Other Provisions:*
- Making the 37.5% deduction for Foreign-Derived Intangible Income (FDII) and the 50% inclusion rate for Global Intangible Low-Taxed Income (GILTI) permanent
- Allowing immediate deduction of domestic research and experimental expenditures
The bill aims to provide significant relief to low- and middle-income Americans, with workers and families making less than $50,000 expected to receive the largest proportional tax benefits. According to the Joint Committee on Taxation, the bill would provide over $600 billion in new tax relief to middle-class households.
