President Trump Signs One Big Beautiful Bill Act Into Law

President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law on July 4, 2025, marking a significant legislative event marked by intense negotiations and a narrowly secured Senate vote. The bill includes major provisions affecting taxes, such as temporarily raising the state and local tax (SALT) deduction cap from $10,000 to $40,000 for tax years 2025-2029, benefiting taxpayers with incomes up to $500,000 before reverting in 2030. While the bill aims to stimulate economic growth with permanent measures like maintaining lower tax brackets and business deductions, it also contains many temporary tax policies that may require future Congressional action. The real estate market in 2025 remains steady with high residential prices and some stabilization in commercial sectors, although tariffs enacted under the Trump administration have introduced uncertainty, potentially increasing construction costs. Critics of the bill argue it disproportionately harms lower-income Americans by cutting funding for programs like SNAP and Medicaid, effectively enriching the wealthy and exacerbating social inequities. The bill's passage highlights the current administration's complex balancing of economic growth initiatives with controversial social policy impacts.