#OneBigBeautifulBill neBigBeautifulBill The One Big Beautiful Bill Act, also known as OBBBA or BBB, is a budget reconciliation law passed by the 119th United States Congress and signed into law by President Donald Trump on July 4, 2025. This law contains tax and spending policies that form the core of President Trump's second-term agenda.

*Key Provisions:*

- *Tax Reforms*: Permanently extends the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. It also raises the cap on state and local tax deductions to $40,000 for taxpayers making less than $500,000.

- *Spending Adjustments*: Includes $150 billion in new defense spending and