BREAKING: Trump JUST Signed The LARGEST Tax Cut In American History – What’s Inside!
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Note: Consult a CPA for your own situation. This is NOT Tax Advice.For illustrative purposes only.
-No Tax On Tips
One: You must work in an industry where tipping is customary (like being a server, bartender, hair stylist, or taxi-driver)
Two: Tips must be paid voluntarily, not negotiated, or included automatically as a ‘service charge’ – both Cash AND Credit Card transactions count.
Three: You can't be a “high compensated employee,” meaning – you must have an income below $150,000 / year single or $300,000 / year married.
Four: The maximum you can claim is $25,000.
-No Tax On Overtime
One: If you work overtime (more than 40 years in a week), this bill proposes a deduction of that same amount against your taxable income. Limited $12,500 single and $30,000 if you're married.
Two: You must make under $150,000 per year single / $300,000 married.
Three: This would apply for tax years 2025-2028.
Four: Only the "overtime" portion of your paycheck is eligible to be tax free (not the entire amount)
-The SALT Deduction
This new bill will increase the state and local tax deductions to $40,000, but only if your adjusted gross income doesn’t exceed $500,000 per year (otherwise, it phases out and the original limit of $10,000 would apply).
-Deducting Interest On Personal Car Loans
This bill will allow you to deduct interest payments on personal use vehicles, up to $10,000 per year, for tax years 2025-2028, but only for vehicles made in the USA. This would start to phase out for income earnings who make above $100,000 per year single, or $200,000 per year married.
-Eliminating Clean Energy Incentives
This bill would cancel the $7500 EV tax credit, among other Solar and Home Energy incentives beginning September 30th, 2025.
-The $1000 'Trump Account'
This bill would give eligible children born in the USA a one-time payment of $1000 to be invested for qualified expenses (first time home purchase, education, and business start-up expenses).
-Extending Tax Cuts and Jobs Act
This is a tax plan was was implemented in 2018, scheduled to expire in 2025 – but now, the top tax bracket will remain at 37%, versus the previous 39.6%. This alsos renew bonus deprecation, pass through deductions, and much more.
-No Tax On Social Security (Kind Of)
This bill adds a $6000 standard deduction for those collecting social security, phasing out above $75,000 per year if single or $150,000 per year if married.
Timestamps:
00:00 – Trump Tax Plan Has Been SIGNED
01:26 – Tax Cuts And Jobs Act Has Been Extended
01:59 – No Tax On Tips
02:57 – No Tax On Overtime
04:00 – $40,000 SALT Deduction
05:14 – SALT Deduction Loophole
06:17 – Save Money On Your Phone Bill!
07:51 – 6 Substantial Tax Savings
10:43 – Auto Loan Deductions
12:30 – No Tax On Social Security
13:13 – The "Free" $1000
14:15 – The "Big, Ugly Bill" Downsides and Cost
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No mention of the no tax on OT?! Big deal if you work a lot OT.
FAIRTAX is superior
@@casper12221 2:58 you missed it
Love how tips/OT are maxed and end at 2028, yet there’s permanent tax relief for the upper class, only at the cost of cutting Medicare. Also, Trump admin has claimed tax free on social security but nowhere on the bill it says so.
@@ReanuKeaves1 agreed Trump should have not been weak and just did the FAIRTAX
For most of us, any tax break in the bill will be eaten up by the devaluation of the dollar, inflation, tariffs, rising costs of medical, rising price of energy due to the cuts on renewables,.etc etc etc. I own a business. Most of my customers are going to be wiped out from this bill. So a lot of good tax cuts are not going to benefit me if I have no sales.
Who’s your typical costumer? Just curious!
Cuts on renewables. 😂😂😂😂😂
This is the most spot on comment of them all. A majority of supporters of this bill are focused on the small amount of saving but not realizing the larger implications. This will be crushing for the bottom half of the country. All of us will feel the cost of energy go through the roof since they are cutting green energy and lowering supply at the same time we are in a race for AI dominance and building data centers that require enough energy to power a city. Trickle down economics have been proven over 50 years not to work anywhere in the world. It will definitely not work when AI is replacing people’s jobs. Just ask the 9000 that we’re laid off from Microsoft 2 days ago.
Energy prices are going down. The only thing you are right about is devaluing the dollar. No evidence inflation is a factor during this administration. You are having Biden PTSD at best but the data simply doesn’t back up your story.
The average person will benefit greatly from just the standard deduction…gtfoh
Cutting taxes while printing the dollar into irrelevance. Yay.
Buy Bitcoin.
Cutting taxes is essential regardless; we cannot grow fast enough without tax cuts. The problem is we need to cut the income tax to like 10%, this doesn’t go nearly far enough.
@@GAMINGNOMAD1 Its going to be like the stock market when 90% is owned by companies. Modern Capitalism will find a way to destroy the ideals of bitcoin stability.
What’s the point of paying taxes if they can just print money?
@scottfree6479Dumpster fire take. You’re begging for the US to fall deeper and deeper into crippling debt. Literally robbing the coffers of your children and grandchildren before they’re born. The tax cuts, especially on the highest earners, are unsustainable and equate to stimulus. We aren’t cutting spending at a commensurate rate so we shouldn’t be cutting revenues.
The fact that we need all these “tips and tricks” otherwise we loose a shitload of money, confirms the unfairness and corruption of the US tax code.😢😢😢
Tax code should definitely be simplified!
I’d agree with you but in my opinion this bill and the changes actually makes it more fair from the no tax on on mortgage interest, car loans, overtime, tips, and all the rest, this helps the little guy
@@GrahamStephan
Not an american but just wondering about something.
Would these tax cuts on cars, ot, tips ect balance out what they are cutting out of the budget to help recover the tax income loss?
To the average person?
Im not worried about buying a car if my healthcare is cut.
@@abrahameyre1491 Yeah and how much of that expires in like 2 years?
@abrahameyre1491 It does nothing for the little guy when you factor in the higher prices for goods due to Dumps tariffs. It will be a wash.
Business owner’s and Corporations will start lowering theor wages while this “no tax on tips and overtime” is effective
Absolutely- no way they’re not going to try to get a piece of that pie for themselves. Anybody who thinks there won’t be a lot of this going on is, shall we say- naive.
All for the low low price of kicking 17,000,000 poor and elderly people off of their health insurance and adding $4,000,000,000,000 (that’s 4 trillion) to the national debt. Remember when he said he was going to balance the budget in his first year?
You are only repeating what you have been told therefore making your comment totally irrelevant.
@@stuartmcgonnell193 What’s not true in his statement?
How much debt did Biden add during his term?
(Hint: $8.4T)
@eugene8524 And here lies the problem. “Making movies”. I’ll leave it there.
This may come as a surprise. But not everyone using medicaid should be getting medicaid.
It’s not a tax cut if we run up a deficit…just a loan will pass on to our kids.
They should balance the budget, but that’s another story. The reserve currency country has extra levers that defy typical economic theory. It can be managed with future generations never on the hook for the deficit but since around 2001 congress has gone overboard on borrowing and they are not intelligently managing the consequences. It is foolish to think they ever could but we have some wiggle room if a majority can put us on a corrective path.
You aren’t going to fix it no matter what because they spend too much. The government has to cut a lot of programs to get out of debt.
They always say this, but today’s Gen Z is already looking at yesterday’s bills. 😢
Or stop adding programs or adding more to the programs … ICE needs how much to do the job that so many other agencies or programs could be doing….its BS. The more money they get the more they can justify…they created DOGE “saved” so much and added tariffs that are “bring so much money in” but need over 4 trillion dollars still while “saving the American people”!? Your drinking bleach if you believe this sh*t
We run up the deficit every year no matter who sits in the oval office. At least this way we have to pay less.
This country is so fucked, we need to be care of the debt, not adding to it
How much debt do you think Biden created?
Within 10 years, AI is expected to replace 40% of good jobs by some estimates. This is the worst time in history to add work requirements for healthcare while lowering the taxes for the corporations that are using these AI’s to fire people. Did we all forget Luigi 7 months ago? (Sorry for the copy pasta, I need to drill this message home to every American).
@@lancemusashi6368 what’s the percentage of jobs thats consisted jobs?
Thats within the next 5 years within the next 20 most jobs will vanish @vincentthaofilms
The US Govt debt won’t be paid for by the rich, remember that the rich all just got tax cuts. So if you’re not earning more than $500k a year you’re the patsy!
5:31 Wow! All I need now is an S-Corp that makes over $500k to take advantage of this now! Glad the Senate thought of my future business aspirations!
Very good said
Yeah…….. I don’t make anywhere near that, I am in the middle/lower middle class, this bill just reduced the taxes I owe and keeps a lot of money in my pocket, so I’m not sure why you can’t benefit from this but maybe you know something I dobt.
Creating a business and becoming an employer should be rewarded.
Exactly lmfao this video feels so disconnected from his average viewer
@@FelisM-hj9kr Very well said.
Looks like we will keep ignoring the debt like it doesn’t exist.
We will never pay back the debt. Its finance 101 and by design. Debt is almost 100% of the reason America has so much stuff
No one cares about the debt. Republicans always explode the debt to give tax cuts to billionaires. They only care about the debt when people start talking about social programs for the working class. Actually the debt does not really matter and we as a country have had always had debt and always will.
Did you say anything when Biden ballooned the debt?
Not at all because idc its by design. America is built upon debt. I dont care for any political party @HighMagnitudeGT
That National debt is NEVER going anywhere ever again, there will NEVER be a surplus again
Oh that’s funny. They have been advertising gambling for years now to children. Now that generation is deep into sports betting and now they’re going to tax the losers. Incredible.
Yeah it’s killing even recreational poker players
@Pyrok007Tournament poker is going to get destroyed Tipping dealers will become unaffordable
Alcohol, nicotine, gambling, and prostitution ads on YouTube. I’ve seen them all.
stop gambling
Only those with inside information are allowed to gamble tax free
Graham is super excited since he is part of the very small percentile of those who will really benefit from this bloated bill of insane debt ceiling inflation. Both parties are horrible for the vast majority of american people.
Yeah his excitement over the property and income tax reductions was palpable.
Republicans: tax the poor, bust the budget, inflate the currency, abduct people with masked thugs and put them in concentration camps.
Democrats: are boring.
Typical voter: both parties are horrible 😭
Yeah us Americans deserve Trump’s presidency.
this bill is bloated? the biggest bill in congress have been proposed by democrats, for example:
Consolidated Appropriations Act, 2021
📄 Pages: 5,593
Affordable Care Act (ACA) – “Obamacare”
📄 Pages: ~2,700
Build Back Better Act (Original Version)
📄 Pages: ~2,100
Inflation Reduction Act
📄 Pages: ~730
Funny thing. Trump has been responsible for a third of the national debt once you go full into the big bloated bill. Look it up.
Do you think he claims any tips or social security ????
How many decades will Americans fall for the same trick before everything is privatized to the point of even the essentials being cost prohibitive, and your taxes considered more as tithes.
What country are you from? We have it great here lol only the lazy ppl who dont have initiative hate it here.
@@joeygarcia4277 Countries in Europe pay similar taxes and get WAY more. That’s a big reason why we’ve dropped to 24th in happiness, and 19th in overall freedom. Our government is bought and paid for by the people we are giving tax cuts to. I wonder why…
@@EDUAROSOLAScountries in Europe don’t get way more… There’s a reason America has mass immigration from Europe but Europe doesn’t have the same from America
Within 10 years, AI is expected to replace 40% of good jobs by some estimates. This is the worst time in history to add work requirements for healthcare while lowering the taxes for the corporations that are using these AI’s to fire people. Did we all forget Luigi 7 months ago?
The amount they are cutting from Medicaid is far more than the number of people already working who are on Medicaid. They want to remove people, not “reduce waste.”
@@EDUAROSOLAS Western Europe has been the beneficiary of decades of U.S. largess via defense subsidies. What these countries didn’t have to spend on defense they were able to apply to social programs such as universal healthcare and education. The gravy train may be starting to slow down, as U.S. taxpayers are tiring of paying for someone’s else’s benefits.
I’ve already lost over half of my income to tariffs. There’s no tax cut that will bring that back.
Wow, what industry do you work and position? Sorry for your circumstance but I’m very curious.
Hopefully the tariff dollars will pay down US debt.
You obviously have no idea how tariffs work…
Oh wow $1000 per baby per year. Daycare costs $2000 a month. My life will forever be changed.
Better than nothing
I’m not sure how but my coworker is a single mom with 3 kids and she gets over 1k a month EBT and 15k tax refund each year
Make more money then bum . The biggest problem today is people blaming everyone but themselves for there financial failures .
@@andrewarszawa7700 No it’s not. We are paying more by not fighting for social service that other major nation give to their citizens, most of whom have way less money than we do. 83% of the 2017 tax cuts wen to billionaires. I wonder what this is going to be… Be more informed.
@@EDUAROSOLAS😂😂😂 most other nations are taxed way higher also figure out how to spell
$XA48P is up by 5.73% in the last 24 hours. This is not explosion. This is a start. The real explosion is when $XA48P Breaks $1
Just a couple months ago we destroyed multiple agencies because the debt was out of control and imminent doom. Now debt doesnt matter. If these clowns ever told the truth id have a heart attack.
It’s just all a game. They will always take care of themselves when it comes to legislation.
There needs to be a law that changes any tipping industry completely. Restaurants PAY YOUR PEOPLE.
Nobody was paying taxes on tips to begin with. Like really, how many people do you think is working as a waitress and going home every night and writing down how much they made in cash that night? Willing to bet its less than 1%.
you have to find a CPA that doesn’t work for the IRS…. that is IMPOSSIBLE.