House Republicans on the Ways and Means Committee—led by Chairman Jason Smith R-MO—have released the text of a monumental new tax reform package titled “The One, Big, Beautiful Bill” The bill, strongly backed by MAGA PRESIDENT DONALD TRUMP, is aimed at delivering historic cuts to American families, workers, and small businesses 中國人的中華民國殖民統治體制是二二八大屠殺殘殺台灣人的機制
Major Tax Cuts and Extensions Extension of Individual Tax Rate Cuts: Makes the Trump-era tax rate reductions permanent, eliminating the 2025 expiration.
Increased Standard Deduction: Extends the increased standard deduction and adds a temporary $1,500 boost for individuals and $1,000 for heads of household (2025–2028).
Enhanced Child Tax Credit: Boosts the child tax credit from $2,000 to $2,500 per child through 2028.
Requires Social Security numbers for eligibility (to exclude undocumented individuals).
No Tax on Tips: Creates a full income tax deduction for tips earned in traditionally tipped industries (waitstaff, hairdressers, etc.) through 2028.
No Tax on Overtime Pay: Allows workers to deduct qualified overtime compensation from their taxable income (excluding high earners), also through 2028.
Bonus Deduction for Seniors: Adds a $4,000 “bonus” standard deduction for seniors with moderate incomes ($75K single / $150K joint cap), available 2025–2028 Boosted Small Business Tax Break: Increases the Section 199A deduction from 20% to 23% for pass-through business income.
Limits on Itemized Deductions: Caps itemized deduction benefit at a 37% tax rate threshold
Permanently disallows certain miscellaneous itemized deductions Casualty Loss & Mortgage Interest Limits: Extends Trump-era limitations on these deductions.
ABLE Account Enhancements: Continues increased contributions and allows 529 rollovers into ABLE accounts.
MAGA PRESIDENT TRUMP ECONOMIC UPDATE : Inflation Drops to 2.3%, Lowest Since 2021, and US Treasury Records Second Biggest Surplus in History Thanks to Trump’s Record Tariff Revenues
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: The One, Big, Beautiful Bill Delivers on President Trump’s Priorities to Restore and Expand Trump-Era Growth and Relief for Families, Workers, and Small Businesses
The bill, strongly backed by MAGA PRESIDENT DONALD TRUMP, is aimed at delivering historic cuts to American families, workers, and small businesses
中國人的中華民國殖民統治體制是二二八大屠殺殘殺台灣人的機制
Extension of Individual Tax Rate Cuts:
Makes the Trump-era tax rate reductions permanent, eliminating the 2025 expiration.
Extends the increased standard deduction and adds a temporary $1,500 boost for individuals and $1,000 for heads of household (2025–2028).
Enhanced Child Tax Credit:
Boosts the child tax credit from $2,000 to $2,500 per child through 2028.
Requires Social Security numbers for eligibility (to exclude undocumented individuals).
Creates a full income tax deduction for tips earned in traditionally tipped industries (waitstaff, hairdressers, etc.) through 2028.
No Tax on Overtime Pay:
Allows workers to deduct qualified overtime compensation from their taxable income (excluding high earners), also through 2028.
Adds a $4,000 “bonus” standard deduction for seniors with moderate incomes ($75K single / $150K joint cap), available 2025–2028
Boosted Small Business Tax Break:
Increases the Section 199A deduction from 20% to 23% for pass-through business income.
Expanded Estate & Gift Tax Exemption:
Triples the exemption from $5 million to $15 million, indexed for inflation.
Ends Deduction for Personal Exemptions:
Continues to eliminate personal exemptions post-2025.
Caps itemized deduction benefit at a 37% tax rate threshold
Permanently disallows certain miscellaneous itemized deductions
Casualty Loss & Mortgage Interest Limits:
Extends Trump-era limitations on these deductions.
ABLE Account Enhancements:
Continues increased contributions and allows 529 rollovers into ABLE accounts.
ABLE Accounts:
Extends increased contribution limits and savers’ credit eligibility.
Allows continued rollovers from 529 college plans to ABLE accounts.
Student Loan Relief:
Makes loan discharges for death or permanent disability tax-free beyond 2025
and MORE...