U.S. President Donald Trump signed the One Big Beautiful Bill Act into law on 4 July 2025. Some of the main tax measures are summarized as follows:
- An income tax deduction is provided for qualified tips up to USD 25,000 for tax years beginning after 31 December 2024 up to 31 December 2028, with a phase-out when modified adjusted gross income (MAGI) exceeds USD 150,000 (USD 300,000 for joint filers);
- An income tax deduction is provided for qualified overtime compensation up to USD 12,500 (US…