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flag House passes "One, Big, Beautiful Bill" Act, altering taxes with mixed impacts on different income groups.

flag The US House has passed the "One, Big, Beautiful Bill" Act, which aims to prevent expiring tax cuts and simplify taxes for millions by raising the standard deduction. flag However, the bill also increases the State and Local Tax (SALT) deduction cap, potentially offering a $300 billion tax subsidy to high-income individuals in high-tax states. flag Critics argue this shifts the tax burden to out-of-state taxpayers without benefiting most Americans.

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