The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here are seven current tax provisions and how they could change under the bill. Standard deduction The Tax Cuts and Jobs Act nearly doubled the standard deduction. For the 2025 tax year, the standard deduction has been adjusted for inflation as follows: $15,000 for single filers, $30,000 for married couples filing jointly, and $22,500 for heads of household. . Under current law, the increased standard deduction is set to expire after 2025. The...