US Taxation: Key Changes by One Big Beautiful Bill

US Taxation: Key Changes by One Big Beautiful Bill

On Thursday, July 03, 2025, the Congress passed a One Big Beautiful Bill Act that is expected to be signed by President Donald Trump on Friday (today, July 04, 2025). The act will introduce several amendments to your income tax. Residents in the U.S., no matter how much they earn, will be affected.

According to an analysis, after the One Big Beautiful Bill Act is passed, approximately 85% of the households will receive tax relief in 2026. Further estimates say that approximately 70% of households will continue to enjoy tax relief by 2030, and with annual incomes around 60%, of tax benefits will go to individuals with annual incomes of around or over $217,000.

Here are the tax amendments by income bracket, set to be effective from December 31, 2024, or January 1, 2025.