On the Fourth of July this year, President Donald Trump signed into law a monumental piece of legislation known as the One Big Beautiful Bill Act (OBBB). It ushers in sweeping tax breaks for millions of Americans.
The new law makes permanent certain provisions of Trump’s Tax Cuts and Jobs Act (TCJA) of 2017, such as the increased standard deduction and lifetime gift and estate tax exclusion. It also introduces new provisions such as a Trump financial account for kids, as well as new uses for 529 college savings plans and health savings accounts (HSAs). But the bill is a lot to digest; it spans nearly 1,000 pages. Who has time to read through all that? To make it clearer, we’re going to take a closer look at some of the major provisions of the OBBB.
