05/23/2025
The "One Big Beautiful Bill Act" is making waves as it moves through Congress. This sweeping tax includes:
1- Extends 2017 tax cuts, increases the child tax credit to $2,500 through 2028
2- Introduces deductions for tips and overtime pay
3- Temporarily raises the standard deduction by $2,000 for married couples, $1,500 for heads of household, and $1,000 for individuals, effective from 2025 through 2028
4- Increases the state and local tax (SALT) deduction cap from $10,000 to $40,000 for taxpayers earning up to $500,000
5- Stricter work requirements and eligibility verifications for Medicaid and SNAP programs.
6- 3.5% tax on remittances sent overseas, effective January 1, 2026
https://www.politico.com/.../big-beautiful-bill-congress...