tax, Beautiful Bill
Digest more
President Donald Trump’s “big, beautiful bill” includes major wins for business interests that carried out aggressive lobbying campaigns on Capitol Hill.
President Trump vowed to end taxes on Social Security, but the One Big Beautiful Bill stops short of fulfilling that promise.
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.