Category Taxes & Tools

“One Big Beautiful Bill: Tax Relief Boost or Bust?”

The "One, Big, Beautiful Bill Act," recently passed by the U.S. House of Representatives and awaiting Senate discussion, could significantly impact personal finances for millions of Americans. The legislation plans to permanently keep the increased standard deduction first passed in 2017 and even raise that deduction temporarily between 2025 and 2028. Other major changes include adjustments to the child tax credit and estate taxes. With debates intensifying as part of the presidential election, both political parties argue that the bill is needed to tackle inflation, ease economic worries, and clarify tax regulations before various provisions expire from the previous 2017 tax reforms.

One, Big, Beautiful Bill: Preserving Tax Relief or Risking Middle-Class Strain?

As the Tax Cuts and Jobs Act (TCJA) nears expiration at the end of 2025, lawmakers are proposing the "One, Big, Beautiful Bill," a new tax reform plan aimed at continuing key benefits from the TCJA. Advocates of the bill suggest that by extending popular measures—like making the increased standard deduction permanent—it will support economic growth, provide financial relief for families, and help businesses succeed. Supporters warn that if current tax breaks end, many Americans could face higher taxes, creating greater financial hardship for middle-class families and small businesses. Opponents worry that the bill might benefit wealthier taxpayers more than the average worker, leading to debates on how best to balance tax fairness and economic opportunity.

House Passes Landmark Tax Reform to Boost Middle-Class Prosperity

On Tuesday, June 10, 2025, the U.S. House of Representatives passed a major tax reform bill called the "One Big Beautiful Bill Act." This bill includes important changes intended to simplify tax laws and benefit millions of American families. It extends current tax brackets and rates, increases the child tax credit, and raises the standard deduction—meaning many people may owe less in taxes or get larger refunds. Additionally, the bill expands the limits on tax-free savings accounts such as Health Savings Accounts (HSAs) and 529 college savings plans, making it easier for families to save for medical and educational costs. The bill also contains targeted measures to aid small businesses and entrepreneurs by improving deductions and calculations for business taxes. Overall, it aims to provide stronger financial stability for middle-class families and encourage economic growth.

Senate Showdown: Tax Cuts Spark Growth, Debate, and Division

The Senate is currently preparing for a major debate over the "One, Big Beautiful Bill Act," a lengthy tax and budget plan recently passed by the House of Representatives. This proposed legislation expands on some tax cuts introduced in 2017 and offers new tax breaks for workers who rely on tips or overtime pay. However, critics say it mainly benefits high-income earners and could significantly impact social programs and border security policies. Experts caution that, despite boosting economic growth modestly, these changes could also increase political division and uncertainty around economic stability in the coming years.

House Approves Permanent Tax Relief Boost for Small Businesses

In June 2025, the U.S. House of Representatives approved important tax legislation aimed at making certain tax deductions permanent, especially for small businesses. This new law focuses mainly on the popular Section 199A pass-through deduction, originally set to expire at the end of 2025. This deduction helps individuals who run small businesses, partnerships, or S corporations by allowing them to deduct a certain percentage of their business income from the taxes they pay. The new bill proposes not only keeping this deduction permanently, but also increasing the deduction rate from 20% to 23% and adjusting income limits each year based on inflation, benefiting many business owners.

Trump’s 2026 Budget: Tax Relief for Seniors—But at What Cost?

President Trump's 2026 budget proposal, titled the "One Big Beautiful Bill Act," could affect retirees and those saving for retirement in significant ways. The bill plans to extend the tax cuts originally introduced in 2017, which means that many Americans might see lower taxes and higher after-tax income. However, against some expectations, it doesn't eliminate taxes on Social Security benefits; seniors will still need to consider this when budgeting their retirement income. A new feature of the proposal is a $4,000 standard deduction specifically designed for people 65 and older, potentially helping seniors who meet specific income guidelines. While these changes could provide immediate financial relief for some, they are also expected to significantly increase the national debt by about $3.8 trillion over the next ten years.

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