Back to today’s briefing

Story perspectives

New Tax Bill Boosts Wealthy, Draws Criticism Over Inequality

11/5/2025

28 6

Summary

Story summary

The One Big Beautiful Bill Act (OBBBA) would permanently extend Tax Cuts and Jobs Act rates, with the top rate at 37% for high earners.
It would raise the state and local taxes (SALT) deduction from $10,000 to $40,000, benefiting affluent households.
The act also introduces a new senior deduction of $6,000.
Critics say the measure exacerbates wealth concentration and fails to address inflation.

1 of 1

Story summary

The One Big Beautiful Bill Act (OBBBA) would permanently extend Tax Cuts and Jobs Act rates, with the top rate at 37% for high earners.
It would raise the state and local taxes (SALT) deduction from $10,000 to $40,000, benefiting affluent households.
The act also introduces a new senior deduction of $6,000.
Critics say the measure exacerbates wealth concentration and fails to address inflation.