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Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) brings sweeping tax changes with some significant implications for taxpayers (particularly those in or near retirement).

Standing at over 1,000 pages, the bill permanently extends many provisions originally introduced in the 2017 Tax Cuts and Jobs Act (TCJA), while enacting changes across many facets of the federal government and tax code. Below, we’ve zeroed in on a few of the most prominent and impactful changes likely to make a difference in your tax bill over the coming years.

#1. State and Local Taxes (SALT) Itemized Deduction Increase

The state and local tax (SALT) deduction limit increases from $10,000 to $40,000 in 2025, with
gradual increases through 2029. High-income households will face some phaseouts, but the exemption limit will never drop below $10,000. This increase in SALT deductions is significant, as it could make itemizing more worthwhile (despite the

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