The “One Big Beautiful Bill,” formally known as the One Big Beautiful Bill Act (OBBBA), significantly impacts the workplace through tax cuts, changes to deductions, and potential impacts on employment and the economy. It extends or modifies elements of the Tax Cuts and Jobs Act (TCJA) and introduces new provisions like no tax on tips and overtime pay, while also impacting payroll and HR departments due to the need to track and report these changes.
The “One Big Beautiful Bill” is a comprehensive piece of legislation with significant implications for the American economy and the workplace. It aims to boost the economy through tax cuts and business incentives, but it also introduces changes to federal spending programs and potentially increases the national debt, says the Committee for a Responsible Federal Budget. Both employers and employees will need to adapt to the changes introduced by this bill.
