With the signing of U.S. Pres. Donald Trump’s One Big Beautiful Bill Act (OBBBA) into law on July 4, sweeping changes to taxes, clean energy incentives, and safety-net programs are coming. Some kick in within a few weeks, while others could reshape your finances for years to come.
Solar panel incentives sunsettingIf you were thinking of installing solar panels to take advantage of the 30 percent federal tax credit, you better get moving. The OBBBA has moved up the expiration date of that incentive—and a similar one for battery storage systems—by seven years. Systems must be fully installed and operational by December 31, 2025. The act also cuts short another clean energy incentive: The federal tax credit for new electric vehicles ends after September 30, 2025. To qualify, your car must be delivered by that date.
Key changes to your tax returnStarting with your 2025 federal return, things may look different. The OBBBA extends lower marginal income tax rates and a higher standard deduction for another decade, while keeping the personal exemption out of play. New deductions for overtime pay, tips, and car loan interest begin in 2026, with phaseouts based on your income. The cap on deducting state and local taxes (SALT) jumps to $40,000 in 2025 (but reverts to $10,000 in 2030).
Changing the social contractThe OBBBA made a few significant changes to social support systems. It cut spending on Medicaid and SNAP (food assistance), raised the Medicaid eligibility threshold, and put in stricter work requirements for SNAP. It also added cost-sharing for Medicaid and made changes to student loans by instituting borrowing limits and streamlining repayment options (doing away with the Biden-era SAVE and REPAYE plans). These and other adjustments will likely impact the millions of Americans who rely on these programs. For example, the Congressional Budget Office estimates that the act may increase the number of uninsured Americans by 10.9 million by 2034.
Air India Flight 171This passenger airliner crashed on June 12 in
Ahmedabad, Gujarat, India, claiming the lives of 241 of the 242 people on board.
TikTokShould TikTok Be Banned?
Featured GamesSee All QuordleCan you solve four words at once?
PilferA delightful ruthless word game
SudokuYour daily logic challenge
Featured VideosSee All VideosWhy do some cicadas appear every 17 years?
Encyclopædia Britannica, Inc.
Award-winning ProCon promotes critical thinking, education, and informed citizenship by presenting the pro and con arguments to controversial issues in a straightforward, nonpartisan, freely accessible way.
Britannica MoneyDiscover all you need to know about retirement, investing, and household finance, without the jargon or agenda. Get reliable guidance, insight, and easy-to-understand explanations, written, edited, and verified to Britannica’s exacting standards.
Advocacy for AnimalsPresenting Advocacy for Animals, a blog focused primarily on animal rights, wildlife conservation, environmental health and safety, and the legal and cultural issues related to these topics. This blog is a source of information and a call to action. It is meant to be a provocation and a stimulus to thought regarding humanity’s relationship with nonhuman animals.
Alain Elkann InterviewsAlain has been writing a weekly interview column for the Italian newspaper La Stampa since 1989. His interviews celebrate some of the best known and successful personalities of the present day.
RetroSearch is an open source project built by @garambo | Open a GitHub Issue
Search and Browse the WWW like it's 1997 | Search results from DuckDuckGo
HTML:
3.2
| Encoding:
UTF-8
| Version:
0.7.4