2025 Tax Law Changes: Key Takeaways for High-Income Taxpayers

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, makes permanent many key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and introduces new measures affecting high-income taxpayers.

Notable changes include a permanent increase in the estate and gift tax exemption to $15 million, a more generous (although temporary) SALT deduction cap, and a tiered exclusion for qualified small business stock.

This article outlines key provisions of the law, including changes that affect income tax planning, business owners, charitable giving, and multigenerational wealth transfer strategies.

For more information see Stephen R. Akers and Stephen A. Baxley “2025 Tax Law Changes: Key Takeaways for High-Income Taxpayers,” Bessemer Trust, July 7, 2025.

Special thanks to Mark J. Bade (CPA, GCMA, St. Louis, Missouri) for bringing this article to my attention.