Ahead of the first tax season since the One Big Beautiful Tax Bill became law, the New York Post asked several experts how the bill would affect taxpayers.

Among them was Nathan Goldman, Dean’s Professor of Accounting and University Faculty Scholar. Several provisions of the new law, he said, will reduce taxes for large groups of people. They include a one-time increase in the cap on deductible state and local tax (SALT) payments, from $10,000 to $40,000. The new law also exempts tip, overtime and senior bonus income from taxation.

The biggest effect, Goldman said, is an increase in the standard deduction, to $15,750 for solo payers and $31,500 for married couples.

“That’s an extra few hundred dollars that you’re getting back,” Goldman said. “That one’s huge because now we’re talking about a huge deduction that every single person is getting regardless of all your other activities.”

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This post was originally published in Poole Thought Leadership.