The "Big Beautiful Bill" - what's all the buzz about?

The “Big Beautiful Bill” — it’s a major tax package with a lot packed into it. While it hasn’t passed yet, here are 10 of the big proposals:

💰 Keep those 2017 tax cuts going: The bill would make some of the Trump-era tax cuts permanent—like lower income tax rates and higher brackets.

👶 Larger child tax credit: The child tax credit would go up to $2,500 for a few years, and then get adjusted for inflation after that.

🕒 New deductions for some employees: Want to deduct your tips or overtime pay? This bill would let you do that.

🏡 Higher SALT cap: The current $10K cap on state and local tax deductions could jump to $30K — good news for folks in high-tax states.

🎁 MAGA savings accounts: Parents would get $1,000 for every child born from 2024–2028, to be saved for future use.

💻 QBI deduction: The current rate would increase to 23% from 20%, and the bill would make the extension permanent. This could have a huge impact on small business owners.

💸 Restores 100% bonus depreciation deduction: This would allow businesses to immediately deduct the full cost of eligible assets, much like they could in 2017-2022.

❌ No more IRS Free File: The bill would eliminate the IRS’s free tax filing options—something a lot of people rely on.

👵 Larger standard deduction for seniors: Seniors making under $75K would get a little more help on their taxes.

📈 Raising the debt ceiling: To help pay for all this, the bill proposes increasing the debt ceiling by $4 trillion. Yes, trillion with a T.

🗓️ Where’s it at now?: It passed a key committee but still needs to go through the full House and Senate—and there’s plenty of debate happening.

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