Here are 6 'Beautiful Bill' tax changes that will benefit wealthy Americans
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Tax and estate consultant Gary Phillips, based in New York, says as tax season approaches, the mood is upbeat among his clients.
The reason? The extension of a series of tax breaks approved by the Republican-led Congress this past summer as part of President Trump's "One Big Beautiful Bill" that mainly benefit high-net-worth and high-income people.
"We have a lot of happy clients," says Phillips, who handles taxes, trusts and estates at Cole Schotz P.C. "There's more certainty now."
The changes approved by lawmakers in July lock in a friendlier tax climate for affluent Americans with lower rates and generous exemptions. While middle-income households may see some modest relief, the lion's share of the benefits will flow to those with substantial earnings, investment income, or large estates.
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