What's Next For Markets Breaking Down The Tax Implications of OBBB On Investing With Tax Expert Amy McAneny
Dec 14, 2025
Amy McAneny, partner and private equity tax leader at PwC, dives into the newly introduced One Big Beautiful Bill (OBBB) and its significant tax implications. She unpacks key changes like the permanent 37% top tax rate, higher standard deductions, and the return of full immediate R&D deductions. The conversation highlights how these updates support U.S. economic growth and benefit various sectors, including tech and healthcare. Amy emphasizes the largely positive outlook for both individual and institutional investors amid these adjustments.
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OBBB Is A Tax Tune-Up Not A Tear-Down
- The One Big Beautiful Bill (OBBB) mostly tunes up tax rules rather than overhauling them.
- Long-term capital gains and qualified dividend rates remain unchanged, preserving investor tax incentives.
Key Individual Tax Changes
- OBBB made the 37% top individual rate permanent and raised standard deductions, with a $31,500 top deduction for married filing jointly.
- The SALT cap rose from $10,000 to $40,000 for families earning $500,000 or less, boosting after-tax cash for many households.
Big Wins For U.S. Corporate Cash Flow
- OBBB restored immediate deductibility for domestic R&D and reintroduced 100% bonus depreciation for assets placed in service starting 2025.
- Enhanced interest deductibility tied to EBITDA further reduces taxable income for U.S. companies, improving after-tax cash flow.