Part 1: How the One Big Beautiful Bill (OBBB) Could Change Your Taxes

The headlines are buzzing about a proposed piece of legislation with a big name and even bigger implications—the One Big Beautiful Bill, or OBBB for short. While this bill hasn’t passed yet, many of the ideas it contains could have a real impact on how individuals and families plan for taxes in the years ahead. That’s why we’re starting this education series: not to spark alarm, but to help you stay informed.

In Part 1 of our series, we explore how the OBBB could reshape personal income taxes. This includes provisions that would make the current Tax Cuts and Jobs Act (TCJA) tax brackets permanent—avoiding a scheduled tax hike in 2026—and increase the standard deduction for both individuals and couples. For retirees and those nearing retirement, a new bonus deduction for seniors could be especially impactful.

We’ll also touch on how the bill aims to simplify and protect more middle-income households from the Alternative Minimum Tax (AMT)—and why this could matter for those with variable income or large one-time gains.

If you’re in or approaching retirement, tax planning isn’t just about saving money—it’s about creating more flexibility for future decisions. Whether or not the OBBB becomes law, understanding these proposed changes helps you think ahead, ask better questions, and partner more effectively with your financial and tax professionals.

At LynnLeigh & Company, we don’t provide tax advice, but we work closely with your tax preparer to make sure your financial plan stays aligned with your goals. This video is all about awareness—not action—and we hope it gives you a clearer sense of what could be on the horizon.

What Our Clients Are Reading