Trump, tax cut
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Big Beautiful Bill, American and Financial Stability
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It's not tax season, but now that Trump's spending bill is final, it's a great time to plan, experts say. Don't overlook these new benefits.
The Treasury Department will implement President Donald Trump's tax reform law, which provides deductions for workers' tipped income and overtime pay in the One Big Beautiful Bill Act.
The “big beautiful bill” that Donald Trump signed into law rolls back tax credits for things like electric cars and home EV chargers, rooftop solar panels, heat pumps and more.
The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.
For some strange reason, Trump's "won't somebody think of the unattractive billionaires" claim wasn't exactly the rallying cry he might have expected.