#OneBigBeautifulBill

The OBBBA contains hundreds of provisions. It permanently extends the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. It also raises the cap on the state and local tax deduction to $40,000 for taxpayers making less than $500,000, with the cap reverting back to $10,000 after five years. The OBBBA also includes several temporary tax deductions for tips, overtime pay, auto loans, and creates Trump Accounts, allowing parents to create tax-deferred accounts for the benefit of their children, all set to expire in 2028. It also includes a permanent $200 increase in the child tax credit, a 1% tax on remittances, and a tax hike on investment income from college endowments.