The One Big Beautiful Bill Act Highlights: A Summary of Critical Changes AI-Generated Summary: The OBBBA makes current tax rates and the $15M estate tax exemption permanent, while introducing temporary benefits like an extra standard deduction for seniors, an increased SALT deduction, and new 'Trump Accounts' for child savings. The Tax Cuts and Jobs Act (TCJA) was implemented during President Trump's first term in office, significantly lowering tax rates and brackets for many Americans. However, these provisions were scheduled to sunset in December 2025, creating uncertainty for long-term financial planning.
