#OneBigBeautifulBill

Key Provisions and Impact

Obbba is a comprehensive bill that touches on various aspects of the American economy and government. Its primary goal is to implement key components of President Trump's second-term agenda.

Tax Policies:

Permanent Tax Cuts: Permanently extends the individual income tax rates from the 2017 Tax Cuts and Jobs Act (TCJA), which were initially set to expire at the end of 2025.

Increased SALT Deduction: Raises the cap on the state and local tax (SALT) deduction to $40,000 for taxpayers earning under $500,000, although this cap reverts to $10,000 after five years.

New Temporary Deductions: Includes temporary tax deductions for tips, overtime pay, and auto loan interest.

Trump Accounts: Creates tax-deferred "Trump Accounts" to provide for parents for their children's endowment, which are scheduled to expire in 2028.

Increased Child Tax Credit: Includes a permanent $200 increase in the child tax credit.

Investment Income Tax Hike: Imposes a 1% tax on endowments and raises taxes on investment income from college endowments.

Business Tax Breaks: Reinstates 100% bonus depreciation for qualified property and expands small business expense limits.