Federal implications of the ‘One Big Beautiful Bill’: What’s changing and how to respond
ThomsonReuters
JULY 21, 2025
New extra deduction of $6,000 per senior (age 65+) ($12,000 for qualified couples), effective 2025–2028; phases out at $75K MAGI (single), $150K (joint). Child Tax Credit. Up to $25,000 deduction for tip income per filer; applies 2025–2028, phases out at $150K MAGI single ($300K joint).
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