Trump's 'big beautiful bill' has a 'double taxation' trap for top earners, tax experts say

Key points

• A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.
• The "one big beautiful bill" came with many tax benefits for top earners, despite limiting how much they can deduct.
• However, lawyers and accountants for the wealthy said they have discovered a surprise buried in the footnotes of a tax law guide released last week by Congress' policy staff that could amount to double taxation.
• The deduction cap is imposed on trusts and estates, the experts said, which was unexpected.
• Even if a trust gave all its income to its beneficiaries, it would have to pay taxes on a portion of that income, according to their interpretation of the document.