You may have heard of the Trump tax bill that was recently signed. This key piece of legislation, so-called the “One, Big, Beautiful Bill” (OBBB), impacts millions of Americans through its provisions on health, border security, and taxes.
But what you may not know is how the Trump megabill is expected to affect parents. For instance, some well-known federal tax breaks, like the federal child tax credit, will be boosted. Others, including the personal and dependency exemption, are disappearing forever.
