President Donald Trump’s newly enacted One Big Beautiful Bill Act will reduce federal taxes for individual filers by an average of $3,752 in 2026, according to fresh estimates released by the Washington-based Tax Foundation. The legislation, signed in July, makes permanent the individual income-tax rate reductions first introduced under the 2017 Tax Cuts and Jobs Act, which were due to expire at the end of 2025. Beyond averting what the think tank said would have been tax increases for roughly 62% of households, the law introduces additional relief aimed at working families. It raises the standard deduction, expands the Child Tax Credit, and allows deductions for tips and overtime income. On the business side, it maintains 100% bonus depreciation and full expensing of domestic research and development costs—provisions previously scheduled to phase out. The Tax Foundation projects the package will bolster long-term growth and support the creation of about 938,000 full-time equivalent jobs.