President Donald Trump’s “One Big Beautiful Bill Act” recently passed the House. Below are some, but not all, of the tax-related provisions included in the bill. It is worth noting that many of the items below are temporary and will expire in 2028.
Ordinary Income Tax: The bill contains a provision to make permanent the maximum ordinary income tax rate of 37%.
Standard Deduction: The bill includes a provision to increase the standard tax deduction for individuals and those filing jointly.
Child Tax Credit: The bill includes a provision to increase the child tax credit.
Estate Tax: The bill includes a provision to increase the estate tax exemption.
State and Local Tax: The bill contains a provision to increase the state and local tax deduction cap.
University Endowments: The bill contains a provision to increase the tax on some “student-adjusted endowments.”
