#OneBigBeautifulBill The OBBBA contains hundreds of provisions. It permanently extends the individual tax rates first signed into law by President Trump in 2017, which were originally scheduled to expire at the end of 2025. The bill also raises the cap on the state and local tax (SALT) deduction to $40,000 for taxpayers earning less than $500,000, with the cap reverting to $10,000 after five years. Additionally, the OBBBA introduces several temporary tax deductions for tips, overtime pay, and auto loans, all set to expire in 2028. It also creates "Trump Accounts," tax-deferred savings accounts parents can open for the benefit of their children, also expiring in 2028. Other provisions include a permanent $200 increase in the child tax credit, a 1% tax on remittances, and a tax hike on investment income from large college endowments.