
One Big Beautiful Bill Act Tax Cuts
The One Big Beautiful Bill Act preserves and expands many of the tax breaks that were due to expire at the end of this year.

The One Big Beautiful Bill Act preserves and expands many of the tax breaks that were due to expire at the end of this year.

Background The Tax Cuts and Jobs Act (TCJA) of 2017 capped the deduction for state and local taxes (SALT) at $10,000 ($5,000 if married filing

The One Big Beautiful Bill, signed into law on July 4, 2025, reshapes estate and tax planning strategies. Key provisions include a higher $15 million estate and gift tax exemption, an expanded SALT deduction cap, preservation of lower income tax rates, enhanced benefits for qualified small business stock, and continuation of the 20% QBI deduction. Together, these changes provide new opportunities for high-net-worth individuals and business owners to refine their tax and estate plans with greater certainty.

The IRS released a fact sheet on July 15 describing new tax provisions—no tax on tips, no tax on overtime, interest paid on car loan

On July 4, 2025, sweeping tax reform was signed into law—bringing lasting changes for both individuals and businesses. The legislation makes the 2017 tax cuts permanent, restores 100% bonus depreciation, enhances R&D deductions, expands SALT caps, and introduces new rules for energy credits, estate taxes, and Opportunity Zones. Whether you’re a business owner, investor, or employee, these changes could impact your bottom line. Read on for the key highlights and what to watch in the years ahead.

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