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Story summary
- U.S. President Donald Trump signed the One Big Beautiful Bill Act on July 4, 2025.
- More than 64 million tax returns claimed at least one new Trump tax deduction, Treasury data shows.
- The SALT deduction cap rose to $40,000 for 2025, up from $10,000 in 2024.
- Average individual tax refund reached $3,276 for the 2026 filing season, 11.5% higher than a year earlier.