Trump, tax cut and The One Big Beautiful
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The "One Big, Beautiful Bill" increases two significant tax deductions, but cuts clean energy tax credits for the 2025 tax year.
OBBB Act updates key tax rules for condo owners, including higher standard deductions, a $750,000 mortgage interest limit, and a $40,000 SALT cap. Owners should consult tax professionals and update offering plans accordingly.
The Republicans' tax cut and spending package, dubbed the "big, beautiful bill," includes a tax deduction for car loan interest of up to $10,000 annually for qualified vehicles.
President Trump vowed to end taxes on Social Security, but the One Big Beautiful Bill stops short of fulfilling that promise.
An above-the-line deduction for charitable giving is expected to generate an estimated $74 billion for nonprofits over a decade.