One Big Beautiful Bill: What the New Federal Tax Law Means for You

With much political buzz and public anticipation, the "One Big Beautiful Bill" was passed into federal law in mid-2025, representing one of the most significant overhauls to the U.S. tax system since 2017. Whether you’re a small business owner, a working parent, or planning for retirement, this law could reshape your tax planning strategies for years to come.

As an estate planning and tax-focused law firm, the Law Office of Theresa Nguyen, PLLC breaks down what this new law means for you—and how to use it to your advantage.

💶 What Is the "One Big Beautiful Bill"?

Coined for its size, scope, and promised impact, the One Big Beautiful Bill is a comprehensive federal tax reform law designed to:

• Simplify the tax code

• Reduce the burden on middle-income families

• Incentivize small business growth

• Increase domestic investment

It introduces broad income tax rate adjustments, capital gains revisions, expanded child tax credits, and estate tax exemption increases.

🤝 Key Provisions of the Tax Law

💸 1. Individual Income Tax Cuts

• New income tax brackets reduce rates for most income levels

• Married couples filing jointly receive larger standard deductions

• Earned Income Tax Credit (EITC) expanded for low- to moderate-income earners

✨ Result: Many American families will see increased take-home pay and reduced withholding.

💼 2. Business Tax Incentives

• Corporate tax rate reduced from 21% to 17%

• 100% bonus depreciation extended for qualified equipment and machinery

• Pass-through business deduction expanded to include more LLCs and S-corps

✅ Small businesses are now better positioned to reinvest and grow.

🪀 3. Capital Gains Tax Reform

• Long-term capital gains brackets adjusted to account for inflation

• A new 0% rate applies to single filers with capital gains under $60,000

• Carried interest loophole further restricted

🔹 Taxpayers who invest wisely could see substantial benefits.

⚖️ 4. Estate & Gift Tax Enhancements

• Federal estate tax exemption increased to $15 million per individual

• Annual gift tax exclusion raised to $25,000 per recipient

• Simplified reporting for family trusts and irrevocable gifts

🌟 More families can now pass on generational wealth without complex tax burdens.

🏦 5. Child & Family Tax Relief

• Child Tax Credit increased to $3,000 per child (refundable)

• Introduction of a "Family Care Credit" for those caring for aging parents

• Enhanced credits for adoption and foster care support

🏡 Families get stronger financial support for caregiving and children.

🧠 What You Should Do Now

If you're unsure how the One Big Beautiful Bill affects you, now is the time to act.

✅ Suggested Next Steps:

• Review your income tax strategy with a professional

• Update your estate plan to align with higher exemption levels

• Optimize your business entity to take advantage of new deductions

• Consider capital gains timing strategies for investment planning

• Consult with a tax-focused estate planning attorney for holistic guidance

👩‍⚖️ Why Choose the Law Office of Theresa Nguyen, PLLC?

At our firm, we guide individuals and businesses throughout King County and Washington State in:

• Proactive tax planning for families and businesses

• Advanced estate and gift tax strategies

• Trust creation, administration, and compliance

• Integrating federal and state tax benefits into your estate plan

📍 Located in Renton, WA
📞 Call us today or book online to take full advantage of the new tax law.

📅 Final Thoughts

The One Big Beautiful Bill is more than just political branding—it's a major reset for tax policy in America. From income tax relief to estate tax exemptions, this law rewards those who plan wisely.

🚀 Be informed. Be strategic. Let our firm help you turn these changes into lasting advantages.