The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.

Simply put, taxpayers will be able to benefit from many of the tax changes in 2025, although they might not notice the changes until they file taxes next year.

Permanent TCJA Cuts, New Savings Accounts, and Controversial Carveouts Included in Landmark Legislation WASHINGTON, D.C. — July 2, 2025 — In a major move to reshape U.S. tax policy, Senate Republicans have passed the One Big Beautiful Bill Act,