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What tax changes are included in the "big, beautiful bill"?

Asked 10 hours ago

Answer

The 'big, beautiful bill' introduces new charitable deduction rules, increases taxes on large university endowments, reinstates 100% bonus depreciation for capital equipment, and maintains the corporate tax rate at 21%. It also extends existing tax cuts, with limited new stimulus.

References

'Big beautiful bill' changes the tax code on charitable giving
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CNBC
10 hours ago
'Big beautiful bill' changes the tax code on charitable giving

The bill allows a new charitable deduction for those taking the standard deduction—up to $1,000 for individuals and $2,000 for married couples. Itemizers must exclude the first 0.5% of gross income from deductions, and the top deduction rate drops from 37% to 35%.

Changes to bonus depreciation: Here's what taxpayers need to know
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CNBC
10 hours ago
Changes to bonus depreciation: Here's what taxpayers need to know

The law reinstates 100% bonus depreciation, allowing companies to immediately write off the full purchase price of capital equipment, including private jets, in the year of purchase.

Trump spending bill to quadruple the tax on university endowments
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CNBC
3 days ago
Trump spending bill to quadruple the tax on university endowments

The bill creates a tiered tax on university endowments: 1.4% for $500k–$750k per student, 4% for $750k–$2M, and 8% for over $2M. Schools with fewer than 3,000 students are exempt.

Trump's big beautiful bill will add to U.S. deficit: Economist
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CNBC
3 days ago
Trump's big beautiful bill will add to U.S. deficit: Economist

The bill primarily extends existing tax cuts rather than introducing new ones, so its economic impact is limited.

How the GOP tax bill could impact retail
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CNBC
4 days ago
How the GOP tax bill could impact retail

The bill maintains the corporate tax rate at 21%, which is seen as a win for retailers.

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