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Key Questions: What Is in the One Big Beautiful Bill Act and How Does It Compare to Current Law?

Joe Velkos, National Tax Director
July 2025

<p>Key Questions: What Is in the One Big Beautiful Bill Act and How Does It Compare to Current Law?</p>

The Key Wealth Institute is a team of highly experienced professionals representing various disciplines within wealth management who are dedicated to delivering timely insights and practical advice. From strategies designed to better manage your wealth, to guidance to help you better understand the world impacting your wealth, Key Wealth Institute provides proactive insights needed to navigate your financial journey.

On July 4, President Trump signed into law H.R. 1 (House bill), the budget reconciliation bill known as the "One Big Beautiful Bill Act," the massive bill that reflects his tax and spending priorities. The new law implements significant changes to current provisions, including extending many expiring provisions in the Tax Cuts and Jobs Act of 2017.

Key Takeaways:

  • The One Big Beautiful Bill modifies existing — and creates some new — tax laws in alignment with President Trump’s spending priorities.
  • This resource compares the current laws with the final provisions signed into law with the One Big Beautiful Bill.
  • The chart covers individual, business and trust, estate, and tax-exempt organizations.
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