#OneBigBeautifulBill The House passed the One Big Beautiful Bill Act (OBBBA) on Thursday, July 3, with a narrow 218 to 214 vote. With all Representatives showing up despite some dicey weather, the vote proceeded largely along party lines with only two Republicans, Brian Fitzpatrick (Pa.) and Thomas Massie (Ky.) voting no. (If you’re scratching your head on the math, there are currently three vacancies in the House following the deaths of Sylvester Turner, Raul Grijalva, and Gerry Connolly.)

Does The Bill Extend The Tax Breaks Under The 2017 Tax Cuts And Jobs Act?

The bill makes permanent several of the expiring tax cuts contained in Trump’s signature 2017 tax legislation—the Tax Cuts and Jobs Act (TCJA). It would also sweeten some of those cuts. The beneficiaries of the most recent proposal are largely individuals. But that’s because in the TCJA, many of the tax benefits for individuals were set to expire at the end of 2025, while the corporate tax breaks were made permanent. In the new bill, some of the tax cuts are again set to expire, typically after the current administration leaves office.

How Does The Bill Affect Individual Income Taxpayers?

Income Tax Rates. We currently have seven (7) tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The top rate, in particular, reflects a reduction resulting from the TCJA. (You can take a look at how those break down for 2025—as well as other tax items#BTC