Plus: A famous soccer coach is sentenced to prison for tax fraud, filing an amended tax return, smoking rates and sin taxes, filing deadlines, tax trivia, and more.

Trump promised to eliminate the tax on Social Security benefits in his 2024 campaign, but the bill instead adds a new deduction.

The tax code is becoming charitable to many more donors thanks to changes in the new tax and spending law. That’s going to help nonprofit organizations that rely on donations, and also everyday Americans who are navigating new tax-code complexities within the One Big Beautiful Bill Act that President Donald Trump signed into law on July 4.

Santa Clara County officials fear that Republicans’ “big, beautiful bill” will rip a “seismic tear” in the country’s social safety net as they brace for more than $1 billion in lost federal revenues locally over the next few years.

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The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

Larry Summers said the bill likely would not make the economy stronger, and flagged concerned over the amount it would add to the US debt.

Rep. Gabe Evan’s commercial states that his vote is for Colorado families. Evans is giving them crumbs, however. He voted to give the rich loaves.” — James Maki, Dacono