In a surprising tax code alteration that has frustrated Americans who enjoy gambling, a provision in the One Big Beautiful Bill Act limits gambling losses that can be used to offset gambling winnings to 90 percent of their value. This provision introduces a steep tax penalty for professional gamblers and certain casual bettors.| Tax Foundation
Explore our latest tax policy research, analysis, and commentary of the One Big Beautiful Bill Act (OBBB). Learn more from Tax Foundation's experts.| Tax Foundation
Our Center for Federal Tax Policy promotes policies that lead to greater U.S. competitiveness, economic growth, and improved quality of life.| Tax Foundation
Most medical residents earn $60,000 to $75,000 annually, depending on location and program. That lands you in the 22% federal marginal bracket, but your effective tax rate is lower due to the new $15,750 standard deduction for single filers, and $31,500 for joint filers.| Physician on FIRE
We've made the OBBBA tax updates. Learn more about what's changed and discover opportunities to optimize your tax planning.| Boldin
We estimate the One Big Beautiful Bill Act would increase long-run GDP by 1.2 percent and reduce federal tax revenue by $5 trillion over the next decade on a conventional basis.| Tax Foundation
The House "One Big Beautiful Bill" includes a new 3.5 percent tax on remittances, or non-commercial transfers of money that people in the US send to people abroad.| Tax Foundation
Policymakers have passed legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new tax provisions.| Tax Foundation
President Trump has called for permanent extension of the 2017 tax cuts, additional policies including no taxes on tips, overtime pay, and Social Security benefits for retirees, and has also promised higher taxes on US imports through a series of new tariffs.| Tax Foundation