Congress has introduced the highly anticipated One, Big, Beautiful Bill which is a cornerstone of the new Trump tax plan. In this video, we break down every major provision of this proposed legislation and what it could mean for individuals, families, and businesses across the U.S.
What's included in Trump's tax new bill:
– Individual Income Tax Rate
– Standard Deduction Increase
– Expanded Child Tax Credit
– MAGA Accounts for Kids
– QBI Deduction Increase
– Estate and Gift Tax Exemption Increase
– MT Thresholds Made Permanent
– Section 179 Expensing Expansion
– 1099 Reporting Threshold Changes
– No Tax on Tips (up to $10K)
– Overtime Pay Deduction
– Car Loan Interest Deduction
– Charitable Deduction for Non-Itemizers
What’s NOT included in the new bill:
– Social Security income exclusion
– SALT deduction cap changes
– Mortgage interest deduction changes
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