One Big Beautiful Bill Act (OBBBA): Key Tax Changes for 2025 and Beyond
The One Big Beautiful Bill Act (OBBBA) introduces sweeping updates across the tax code—impacting everything from individual rates and capital gains to deductions, exclusions, and credits. Many temporary provisions from prior legislation are now made permanent, while new deductions and exclusions reshape the filing landscape for individuals. With numerous phase-ins beginning in 2025, practitioners need to quickly interpret how these changes affect their clients and prepare for compliance and planning opportunities.
Key Takeaways
- Individual tax brackets and AMT thresholds are made permanent, with updated inflation adjustments
- New deductions introduced for tips, overtime, and car loan interest through 2028
- Personal and dependency exemptions remain suspended, but seniors get a temporary $6,000 deduction
- Education, dependent care, and adoption credits expanded, while many energy and vehicle credits are repealed
Stay ahead of the OBBBA’s new rules and interpretations with expert insights from CCH® AnswerConnect.
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