Headline Roundup • July 16th, 2025
How Will the Big Beautiful Bill Impact Your Taxes?
Summary from the AllSides News Team
President Trump’s “One Big Beautiful Bill Act” (OBBB), which he signed into law on July 4, includes several new tax breaks and increases on existing deductions and exemptions. Here’s how your pocket could be affected.
Deductions: The state and local tax deduction (SALT) cap will quadruple to $40,000 for five years, and the standard deduction for single filers would rise from $15,000 to $15,750. Seniors will get a $6,000 boost to their standard deductions. Individuals who don’t itemize will be able to deduct up to $1,000 on charitable donations.
Car Loans: There will be a deduction of up to $10,000 for new automobile loans if your loan was taken after December 31 and used for a US-made personal vehicle.
Overtime & Tips: Through 2028, earned cash tips and overtime pay will be able to be deducted from federal taxes up to $12,500 for individuals and $25,000 for joint filers.
Children & Estate: Child tax credits will rise to $2,200 per child, an increase from the current $2,000. Estate and gift exemptions will increase about $1 million to $15 million for individuals.
How The Media Covered It: Fox News (Right bias) showcased an interactive site published by the White House that includes how much residents of each state can expect to see in savings each year as a result of the bill being passed. NBC News (Lean Left) offered ample context on the bill and politics behind it and noted a recent analysis from the Tax Policy Center that said the tax changes will benefit higher earners more.
Written by the AllSides staff (of humans). Learn more. Support our mission.
Featured Coverage of this Story
Samuel Corum / Getty Images
President Donald Trump signed his so-called "One Big Beautiful Bill Act" into law on the Fourth of July, which means the provisions of the sweeping spending and tax legislation will soon take effect. But what exactly does it mean for your wallet?
The bill introduces new tax breaks, increases some existing deductions and exemptions, and puts an end to certain green energy provisions. Here is what to know.
The White House rolled out an interactive map of the U.S. showing the savings Americans can expect from initiatives under President Donald Trump's One Big, Beautiful Bill Act on a state-by-state basis, Fox News Digital learned Tuesday.
Trump signed the massive piece of legislation into law on the Fourth of July, touting that its tax cuts will make the U.S. economy similar to a "rocket ship" as Americans begin feeling its effects.
On Tuesday, the White House published an interactive map of the 50 states that provides breakdowns of how much Americans can...
For months, President Donald Trump’s main message about the sweeping bill he pushed through Congress was that it was “big” and “beautiful.”
Now that it’s also law, the White House and its outside allies are pivoting to a more concrete, detailed description in the hopes that voters will have a clearer idea of what it means for their day-to-day lives.
Democrats are poised to contest the Republican talking points at every turn, as the parties jockey for advantage over a tax cut and spending package that could swing the midterm...
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