The One Big Beautiful Bill Act aims to be a transformative legislative package proposed by Donald Trump, with a budget impact surpassing major previous bills. The act is primarily a tax cut, extending temporary breaks from Trump's first term and introducing new ones that would collectively reduce federal revenue by about $4 trillion over the next decade. It would make the top income-tax rate permanent at 37 percent, benefit high-income households, and exempt large inheritances from taxation. Despite its significance, a majority of Americans remain unaware of the legislation's details.
The One Big Beautiful Bill Act is a massive tax cut proposal that would reduce federal revenue by roughly $4 trillion over the next decade, while impacting income distribution significantly.
The legislation would establish a permanent top income-tax rate of 37 percent, provide tax breaks for high-income households in high-tax states, and exempt large inheritances from taxation.
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