bill, Trump and CBO
Digest more
The new tax cuts and spending law signed by President Trump on July 4 could provide savings for all income groups, an analysis finds.
The data exaggerates the tax gains for households with modest incomes by focusing on the change in their tax liability, rather than their after-tax income — the measure analysts more commonly use. Now that President Donald Trump has signed his signature tax and spending bill,
5h
Soy Aire on MSNHow the 'One Big Beautiful Bill Act' Transforms Financial Stability for American FamiliesThe 'One Big Beautiful Bill Act' signed by President Trump introduces significant financial benefits for American families, including a permanent increase in the child tax credit. This legislation aims to provide long-term stability and support,
Millions of American babies are eligible for "Trump Accounts" under the One Big Beautiful Bill Act that was signed into law by President Trump on July 4.
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.
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).
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.
The Democratic National Committee is showing where President Trump's bill could hurt people in the state, but the White House points to savings.