Americans get 'Big Beautiful Bill' tax cuts

The key tax changes under the One Big Beautiful Act include SALT and Social Security income tax deductions.

Jul 7, 2025 - 10:30
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Americans get 'Big Beautiful Bill' tax cuts

President Donald Trump has signed into legislation the One, Big Good-attempting Act (OBBA), and for taxpayers in excessive-tax states like California and New York, it'll provide long-awaited reduction — a minimal of for a pair of years.

The legislation rapid raises the cap on the federal deduction for inform and native taxes — is named the SALT deduction — from $10,000 to $40,000 starting put in 2026.

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