The U.S. House Ways and Means Committee has announced the passage of the One, Big, Beautiful Bill (Act) by the House of Representatives on 22 May 2025. The bill now goes to the Senate. With respect to taxation, the measures are largely in line with an earlier draft approved by the Committee, although certain changes have been made. One change is an increase in the maximum deduction for state and local taxes (SALT deduction) to USD 40,000 in 2025, as opposed to the original proposal of USD 30,000. This maximum deduction will be increased by 1% per year from 2026...