Monday, July 07, 2025
How the Big Beautiful Bill may impact your taxes
The Big Beautiful Bill & how it may impact your taxes. Makes permanent the 2017 tax cuts. The individual provisions in 2017's Tax Cuts and Jobs Act, which was passed during Trump's first administration, are set to expire at the end of 2025 without congressional action. The bill makes those provisions permanent, most notably the lower individual income tax rates. Without the legislation, taxes would have increased for most taxpayers in 2026.Increased standard deduction. The standard deduction will be