About the Big Beautiful Bill
H.R.1 - One Big Beautiful Bill Act
The "One Big Beautiful Bill Act" is enacted federal legislation that significantly simplifies and reforms the U.S. tax code. This comprehensive law replaces the current complex tax system with a more streamlined approach that benefits taxpayers across all income levels.
Key Provisions:
- Increased Standard Deductions: Significantly higher standard deductions for all filing statuses
- Simplified Tax Brackets: Streamlined tax bracket structure with lower rates
- Enhanced Child Tax Credit: $2,500 per child tax credit
- Senior Tax Relief: Additional $2,500 deduction for taxpayers 65 and older
- Tips and Overtime Tax Relief: Reduced tax burden on tips and overtime income
- Eliminated Complexity: Removal of many complex deductions and credits in favor of higher standard amounts
About This Calculator
This interactive calculator helps you understand how the Big Beautiful Bill affects your tax situation by providing:
- Real-time tax calculations
- Before and after comparisons
- Multiple user scenarios
- Professional reporting tools
- Educational resources
Important Note
This calculator is based on enacted federal law and is for educational purposes only. Consult a tax professional for specific advice.