Tax Exemption, Beautiful Bill
Digest more
President Trump vowed to end taxes on Social Security, but the One Big Beautiful Bill stops short of fulfilling that promise.
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).
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.