Tax and estate consultant Gary Phillips, based in New York, says as tax season approaches, the mood is upbeat among his clients.

The reason? The extension of a series of tax breaks approved by the Republican-led Congress this past summer as part of President Trump's "One Big Beautiful Bill " that mainly benefit high-net-worth and high-income people.

"We have a lot of happy clients," says Phillips, who handles taxes, trusts and estates at Cole Schotz P.C. "There's more certainty now."

The changes approved by lawmakers in July lock in a friendlier tax climate for affluent Americans with lower rates and generous exemptions. While middle-income households may see some modest relief, the lion's share of the benefits will flow to those with substantial earnings, investment income, or large

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