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Here’s Your Potential Tax Cut in 2026 from the One Big Beautiful Bill Act
As part of the recently signed “big, beautiful bill”, President Trump has introduced a significant tax cut for millions of taxpayers across the United States. According to an analysis by the nonpartisan think tank, Tax Policy Center, this move could result in substantial savings for many households.
On average, each household is expected to save around $2,900 next year as a direct result of these new provisions. It’s worth noting that while lower-income Americans may see some tax relief, higher-income individuals are more likely to benefit from the larger relative boost.
This significant change comes in the form of extending existing tax cuts implemented by President Trump’s 2017 Tax Cuts and Jobs Act, which were previously set to expire at the end of the year. The new legislation also introduces a range of new breaks, including the elimination of taxes on overtime and tips, as well as increasing the state and local taxes deduction from $10,000 to $40,000.
However, it’s important to note that the lion’s share of these tax breaks – roughly 60% – will be allocated to the top 20% of households, or those earning an income of approximately $217,000 or more.
Source: www.cbsnews.com
