Those who still choose to itemize their deductions will also see changes. Trump’s law temporarily raises the cap on state and local tax (SALT) deductions. It goes from $10,000 to $40,000 in 2025. This change could benefit taxpayers in high-tax states.

President Donald Trump’s “big, beautiful bill” includes major wins for business interests that carried out aggressive lobbying campaigns on Capitol Hill.

In my view, the “big, beautiful bill” represents a missed opportunity to leverage fiscal policy to address the American wealth and income gap. Instead of investing in programs to lift up low- and middle-income Americans, the bill emphasizes a regressive approach that will further enrich the wealthy and deepen existing inequalities.

Key Points Estimates indicate those earning between $80,000 and $130,000 annually will benefit most from the new deduction available to some Social Security recipients.Nutrition assistance is going to decrease.

Range reports that Trump’s “Big Beautiful Bill” offers significant tax changes for high earners, including increased estate tax exemptions and expanded SALT deductions.

Rolling back the green energy subsidies will help pay for President Donald Trump’s tax cuts and policy priorities, including more border security. So, the electric vehicle tax credit will now end

As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).

Experts are now debating if the elimination will significantly hurt the industry or if solar adoption developed such momentum that it will continue to grow on its own. Trump’s bill won’t go into effect until Dec.