Tax Exemption, Beautiful Bill
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President Donald Trump’s “big, beautiful bill” includes major wins for business interests that carried out aggressive lobbying campaigns on Capitol Hill.
The 900-page federal bill is expected to promote private schools at the expense of public ones, reduce student loan options and food assistance, cut into school budgets and heavily tax private university endowments.
The "big, beautiful bill" offers tax breaks that can benefit small-business owners — but it may have additional impacts that aren't so favorable.
President Donald Trump’s sweeping tax and spending law, known as the “One Big Beautiful Bill Act,” will make permanent large tax cuts from the president’s first term. And it makes good on a campaign
Rolling back the green energy subsidies will help pay for President Donald Trump’s tax cuts and policy priorities, including more border security. So, the electric vehicle tax credit will now end
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).
Experts are now debating if the elimination will significantly hurt the industry or if solar adoption developed such momentum that it will continue to grow on its own. Trump’s bill won’t go into effect until Dec.
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.