#OneBigBeautifulBill OBBBA contains hundreds of provisions. It permanently extends the personal tax rates that Trump signed into law in 2017, which were set to expire at the end of 2025. It also raises the state and local tax deduction limit to $40,000 for taxpayers with incomes under $500,000, with this limit reverting to $10,000 after five years. OBBBA also includes some temporary tax deductions for tips, overtime pay, car loans, and creates the Trump Account, allowing parents to create tax-deferred accounts for the benefit of their children, all of which will expire in 2028.