Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further ...

The One, Big, Beautiful Bill Provides the Biggest Relief to Low-Income Families. The One, Big, Beautiful Bill will cut taxes for Americans earning under $50,000 by 14.9%. 66% of The One, Big, Beautiful Bill's tax cuts benefit families making less than $500,000.

The Republican Party is often referred to as the GOP. This abbreviation stands for Grand Old Party. Its logo is an elephant. The Republican Party is known to support right-leaning ideologies of conservatism, social conservatism, and economic libertarianism, among other -isms.