US EditionTrump’s ‘Big Beautiful Bill’ Slashes This Tax Break for High Earners in 2026
UNITED STATES, AUG 5 – The bill creates a permanent $15 million estate tax exemption and introduces charitable deductions for non-itemizers, while projected to increase national debt by $4.1 trillion by 2034.
- On July 4th, President Trump signed the One Big Beautiful Bill into law, passing significant tax legislation.
- The bill extends key 2017 tax cuts permanently but faces criticism for increasing the national debt by trillions, according to the nonpartisan CBO.
- Starting in 2026, the law caps charitable deductions for filers in the top 37% bracket and introduces a new $1,000 deduction for non-itemizers donating cash.
- Justin Miller noted that a $100,000 donation saves $37,000 in 2025 but only about $33,250 in 2026, with many wealthy donors caring about this $3,750 difference.
- The bill created a permanent $15 million individual estate tax exemption aimed at protecting family businesses, though concerns remain over its fiscal impact and enforcement.
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Watauga Democrat+17 Reposted by 17 other sources
Republicans tout Trump tax cuts as CBO warns again of 'big, beautiful bill' cost
(The Center Square) – Both chambers of Congress are in August recess, and Republican lawmakers are using the time to promote the tax cuts passed in President Donald Trump’s “one big, beautiful bill.”
·Calhoun, United States
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FPSA - The One Big Beautiful Bill – Death Tax Follies No More?
This is the second installment in a new FMI blog series on changes in taxes impacting the food industry. This series will take deeper dive on individual tax provisions and what they mean for food companies.The permanent estate tax exemption of $15 million ($30 million per couple) is a positive step towards protecting vital family-owned businesses in the food industry from the burdens of the "death tax".By: Andy Harig, Vice President, Tax, Trade,…
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Total News Sources21
Leaning Left3Leaning Right3Center1Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
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