#OneBigBeautifulBill OneBigBeautifulBill is a nickname for a massive tax law aimed at making many of the temporary tax cuts for individuals and businesses, which were enacted in the TCJA of 2017 and were set to expire, permanent. The bill also introduces new tax provisions and makes adjustments to existing provisions.

Key provisions of the OBBBA:

* For individuals: The law codifies the low individual income tax rates and the increased standard deduction introduced in the TCJA. It also addresses the cap on state and local tax (SALT) deductions, which was a point of contention in the original law, by raising the limit for many taxpayers. Other provisions include enhancing the Child Tax Credit and new deductions aimed at providing relief for certain categories of taxpayers.

* For businesses: The OBBBA makes the 20% deduction for qualified business income for pass-through entities permanent. It also includes provisions allowing for immediate expensing of new and used equipment purchases, a measure designed to stimulate business investments.