Your Money

Signed into law on July 4, 2025, the "One Big Beautiful Bill" (OBBB) extends and modifies the Tax Cuts and Jobs Act (TCJA). As always, beauty is in the eye of the beholder, but it is certainly big. It’s a hefty bill packed with many new rules, so let’s break down the key points:

• Permanent TCJA Provisions: Retains tax brackets, increased standard deduction, Section 199A QBI deduction, and Child Tax Credit with minor adjustments.
• SALT Deduction: Temporarily raises cap to $40,000 (2025–2029), reverting to $10,000 in 2030; phased down for high earners.
• New Deductions (2025–2028): $6,000 for seniors 65+, $25,000 for tip/overtime income, $10,000 for auto loan interest.
• Itemized Deductions: Adds 0.5%-of-AGI floor on charitable contributions; caps deduction value at 35% of taxable income for 37% bracket taxpayers.
• Other Changes: Lowers AMT exemption phaseouts, expands 529 plan uses, extends Qualified Opportunity Zone program, raises gift/estate tax exclusion to $15M, introduces "Trump account" IRA.

Your Life

Beginning in October 2025, most international travelers needing a nonimmigrant visa to enter the U.S. will be subject to a new $250 “visa integrity fee” under the One Big Beautiful Bill Act. The fee—which may rise with inflation—applies to tourists, business travelers, and students from countries outside the Visa Waiver Program. Reimbursement may be available if visa conditions are met, though details are still forthcoming. For many, this could meaningfully increase the cost of travel to the U.S.

If you're traveling abroad, don’t forget to check whether your destination requires a tourist visa and what the associated fees are. Visa requirements are often tied to broader diplomatic or trade relationships—not personal factors—and shouldn’t be viewed as punitive.

Travelers to the U.S. must pay a new $250 ‘visa integrity fee’
by Monica Pitrelli

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