From now until November, congressional candidates and members of the Trump administration will be on the campaign trail touting the ways in which Americans are benefitting from the One Big Beautiful Bill Act (OBBBA). That landmark tax bill, which President Donald Trump signed into law last July, includes many provisions that are now saving individuals, families, and employers billions of dollars every year. However, the first thing that needs to be said is that federal income tax rates would’ve risen for every income tax bracket at the end of last year had Congress and President Trump failed to enact OBBBA.
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The Unsung Economic Boost Brought by Full Expensing
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