President Donald Trump on Friday signed his “Big, Beautiful Bill” into law. The action occurred just before his self-imposed Fourth of July deadline and followed the bill’s hurried push through Congress last week.
According to the Associated Press, the 900-pages of legislation:
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Makes existing tax rates and brackets permanent, solidifying the tax cuts approved in Trump’s first term;
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Temporarily adds new tax deductions on tip, overtime and auto loans and for older adults earning no more than $75,000 per year;
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Boosts the $2,000 child tax credit to $2,200, although millions of families at lower income levels would not get the full credit;
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Quadruples SALT, a cap on state and local deductions, to $40,000 for five years; and
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Allows businesses to immediately write off 100% of equipment and research costs, a move aimed at boosting economic growth.
Additional details of the law are available here.
