Tax Exemption, 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.
The "big, beautiful bill" offers tax breaks that can benefit small-business owners — but it may have additional impacts that aren't so favorable.
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).
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.