💨 Abstract

The House passed the “One Big Beautiful Bill Act” on May 22, extending many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and adding new benefits. The bill includes reduced tax rates, an increased deduction cap on state and local taxes (SALT) for high-tax states, a higher estate tax exemption, and caps on itemized deductions for the highest bracket.

Courtesy: WTOP Staff