US Edition
What You Need to Know About Trump's "One Big, Beautiful Bill"
UNITED STATES, JUL 15 – The One Big Beautiful Bill Act locks in key 2017 tax cuts and alters charitable deductions, impacting wealthy donors and colleges while the Congressional Budget Office estimates a $3 trillion deficit increase.
- On July 4, 2025, President Donald Trump signed the One Big, Beautiful Bill Act, permanently enacting the 2017 tax cuts and reshaping charitable and endowment tax rules.
- Ever since TCJA provisions were set to expire on December 31, 2025, taxpayers faced uncertainty as 2025 began, prompting lawmakers to lock in prior cuts.
- Under the new rules, standard deduction filers can claim up to $1,000 for charitable gifts, corporate donors must give 1% of income to qualify, and endowment tax rates climb sharply.
- According to Yale University, it will owe $280 million in endowment taxes once the new rates take effect.
- Despite a forecast 1.8% growth in coming years, the Congressional Budget Office projects a $3.3 trillion deficit increase over ten years from the new law.
Insights by Ground AI
Does this summary seem wrong?
Podcasts & Opinions
63 Articles
63 Articles
Indexing Capital Gains for Inflation: Still Not Worth It.
Last week, The Washington Post reported that some conservative groups are asking the Trump administration to index capital gains for inflation by executive order. The proponents argue that it would unleash “more [economic] growth” following the passage of the “One Big Beautiful Bill” Act. Proponents have been pushing Trump to pursue this since his first term. Under current law, individuals determine their capital gains (or losses) by subtracting…
·Washington, United States
Read Full Article
Coverage Details
Total News Sources63
Leaning Left4Leaning Right2Center43Last UpdatedBias Distribution88% Center
Bias Distribution
- 88% of the sources are Center
88% Center
C 88%
Factuality
To view factuality data please Upgrade to Premium
