Beautiful Bill, Tax Deduction
Digest more
President Donald Trump’s “big, beautiful bill,” which he signed into law earlier this month, includes major wins for business interests that carried out aggressive lobbying campaigns on Capitol Hill to secure favorable treatment for their industries.
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.