Episode Details
Back to EpisodesTop 10 Things You Should Know About the One Big Beautiful Bill
Description
This week, Matt, John, and Isaac, dive deep into the groundbreaking "One Big Beautiful Bill" — a sweeping piece of legislation that could reshape your taxes, savings, and financial future. Whether you're a taxpayer, parent, senior, or business owner, these top 10 highlights are essential listening.
Here's what's inside the bill (and this episode):
1️⃣ Individual Income Tax Rates Made Permanent – The TCJA tax brackets (10%-37%) are now here to stay.
2️⃣ Higher Standard Deduction Made Permanent – $31,500 for joint filers, $15,750 for singles starting 2025.
3️⃣ Estate & Gift Tax Exemptions Increased – Up to $30M for couples, inflation-adjusted.
4️⃣ SALT Deduction Cap Raised – Increased to $40,000 in 2025 with phaseouts and future reductions.
5️⃣ New Senior Tax Deduction – $6,000 for those 65+ with moderate incomes (2025–2028).
6️⃣ Tip Income Deduction – Deduct up to $25,000 in tip income (phases out at higher incomes).
7️⃣ Overtime Tax Break – Deduct OT pay: $25K (married) / $12.5K (single), 2025–2028.
8️⃣ Car Loan Interest Deductible – For U.S.-assembled vehicles, up to $10K interest deductible.
9️⃣ Child Tax Credit Boosted – Increased to $2,200 in 2026 and made permanent.
🔟 Trump Accounts for Kids – New children’s savings account, with $5K annual contribution + $1K federal kickstart for newborns (2025–2028).
📈 This episode is a must-watch for anyone planning their financial future.
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📢 Share this with your tax-savvy friends and family!
💬 Let us know your thoughts! Also, please comment or email us your questions. We hope to answer your questions and respond to your comments in an upcoming episode!
🚨Don’t forget to watch Eli’s breakdown on Data Brief… https://www.youtube.com/watch?v=R0YkvuMUC_g&t=5s
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