More tax provisions of 'One Big Beautiful Bill'
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Range reports that Trump’s “Big Beautiful Bill” offers significant tax changes for high earners, including increased estate tax exemptions and expanded SALT deductions.
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).
President Trump’s One Big Beautiful Bill delivers the largest tax cuts in decades. But the benefits aren’t evenly distributed, and some taxpayers will gain far more than others.
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.
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.
The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.