The 'One Big Beautiful Bill' passed on July 4, 2025, brings nuanced changes to tax policy. Major takeaways include the indefinite continuation of tax cuts from 2017 and slight increases to the standard deduction, now indexed to inflation. Among the bill's varied effects, the SALT deduction cap rises to $40,000, mainly benefiting itemizers. Social Security taxes remain unchanged, but a new temporary senior bonus deduction offers slight relief. While businesses gain from returning depreciation benefits, American families see minor adjustments with the child tax credit increase, and the introduction of 'Trump accounts' for newborns, seeded with $1,000 from the government.