The One Big Beautiful Bill Act (OBBBA), which President Donald Trump signed into law on July 4th, introduces a myriad of tax law changes and makes permanent many tax provisions previously scheduled to sunset or expire in 2025.¹ Note that “permanent” remains a misnomer in the world of tax regulations, as Congress holds the power to make changes in the future. 

In this article, we will look at some of the most significant changes the bill will bring for high income earning and high-net-worth taxpayers, as well as suggestions for action steps that readers may wish to consider in light of these shifts.  

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