One Big Beautiful Bill Act

Rare card · No. 15890

The One Big Beautiful Bill Act (OBBBA), or the Big Beautiful Bill (P.L. 119-21), is a U.S. federal statute passed by the 119th United States Congress containing tax and spending policies that form the core of President Donald Trump's second-term agenda. The bill was signed into law by Trump on July 4, 2025. Although the Act is popularly referred to as the One Big Beautiful Bill Act, this official short title was removed from the bill during the Senate amendment process. Therefore, the law has no official short title. The OBBBA contains hundreds of provisions. It permanently extends the individual tax rates Trump signed into law in 2017, which were set to expire at the end of 2025. It raises the cap on the state and local tax deduction to $40,000 for taxpayers making less than $500,000, with the cap reverting to $10,000 after five years. The OBBBA includes several tax deductions for tips, overtime pay, auto loans, and creates Trump accounts, allowing parents to create tax-deferred accounts...

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