One Key Feature in the One Big Beautiful Bill Act Source: FMG One key feature in the One Big Beautiful Bill Act is the extension and revision of some of the tax laws that were part of the 2017 Tax Cuts and Jobs Act (TCJA). Here’s a quick summary of the three changes we found the most interesting: Extension of Tax Rates
The bill extends the current tax rates of 12 percent, 22 percent, 24 percent, 32 percent and 37 percent, respectively. If the TCJA expired, the rates were scheduled to revert back to 15, 25, 28, 33 and 39.6 percent. Standard Deduction
It also increased the standard deduction to $15,750 for single filers and $31,500 for those filing jointly for 2025. Both are a slight increase from the current rate. Note: The standard deduction will be adjusted for inflation starting next year. State and Local Tax Deduction (SALT)
Big change here. The SALT is increasing to $40,000 in 2025, and will increase 1 percent annually until 2030. But in 2030, the SALT will revert to $10,000. Note: SALT has a $500,000 threshold for both single and married filers. Having some familiarity with the updated tax rules can only help when managing personal finances. Of course, it’s important to also consider working with a tax professional before making any changes to your tax strategy. If you’d like more information, please reach out. More information will continue to be released on the domestic spending bill, and I’ll be happy to pass along whatever I have. | 
