BREAKING: Trump’s “Big, Beautiful Tax Bill” Just Passed (These Changes Are WILD!)
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TRUMP TAX PLAN PASSED THE HOUSE: WHAT'S INSIDE
Note: Details may change, consult a CPA for your own situation. This is not yet finalized into law. 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’
Three: You canno't be a “high compensated employee,” meaning – you must have an income below $150,000 / year single.
Four: The Tip Must Be Considered 'Cash Payment'
Five: 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.
Two: You must make under $150,000 per year
Three: This would apply from 2025-2028, if passed in its current form, for those with valid SSN.
Four: Unclear if this is for the entire amount of overtime, or just the 50% bonus.
-The SALT Deduction
This new bill proposes increasing the state and local tax deductions to $40,000, but only if your adjusted gross income doesn’t exceed $500,000 per year (otherwise, the original limit of $10,000 would apply).
-Deducting Interest On Personal Car Loans
This bill proposes deducting 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.
-The $1000 'Trump Account'
This bill would give all children born in the USA with a valid SSN 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 if this continues, the top tax bracket will remain at 37%, versus the previous 39.6%. This would also renew bonus deprecation, pass through deductions, and much more.
-No Tax On Social Security (Kind Of)
This bill adds a $4000 standard deduction for those collecting social security, phasing out above $75,000 per year if single or $150,000 per year if married.
Even though this has passed the House (and, it currently sits in the Senate where Republicans have majority), we’re still likely going to see some further changes before it’s signed into law, because it's expected to add Trillions to the Federal Deficit.
Basically, take this video as your blueprint for what they want to happen – but expect that the finalized version (likely in the next month or two) will be slightly different from what we see today.
Timestamps:
00:00 – Trump Tax Plan Passed The House
01:12 – No Tax On Tips
03:10 – No Tax On Overtime
04:34 – The SALT Deduction Increase
07:33 – $10,000 Car Loan Deductions
09:08 – Ending $7500 EV Tax Credits
09:50 – Free $1000 Trump Account
11:47 – Extending Major Tax Cuts
12:54 – No Tax on Social Security
13:41 – Chances Of Passing Into Law
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I appreciate it because this was very thorough and neutral politically. A lot of democrats are saying it doesn’t do half the things Republicans are saying it does and the Republicans make it sound like a miracle bill but this seems like yes it has a lot of good going for us but nothing worthy of the history books that they made it out to seem
But it didn’t pass, at least not yet… 😶
What about the part where it says that the courts can NOT stop Trump for anything that he decides to change? Basically making him a king or dictator
@@JJ-ql8yc
It won’t pass. It will go to the senate and get chopped up.
Whatever is left and passes will end when trump leaves office.
Do you think being military and assigned overseas still counts as “lives in U.S.” credit? Kinda not my choice they moved me here lol
It did not pass. Senate hasn’t voted yet and there looks to be 7+ holdouts.
Hopefully as a way to reduce government spending even more.
Woohoo!!!!!
It will pass or those 7 will be voted out in the mid terms if their seats are up
@@sdizzle1048no it won’t, for obvious reasons and those voting for it actually will be the ones that are screwed and a lot of them will be voted out.
@@sdizzle1048stupid Bill, so much spending. Most of the breaks are going to Rich People. Look it up
I’m just hoping for some hearing protection 😂🤞
10/10 They are not going to let this happen. Unfortunately.
@@NVSTRZ34won’t happen with that mentality… Call your senators
@patcr606 Done. Although, I acknowledge the government will never let it happen. They will never give up the tax money, control/tracking, and special interest money.
Not to mention the SHORT act as well.
You should have highlighted the fine print in SECTION 70302…
This bans the judiciary from spending a single penny on the enforcement of contempt rulings (like the one the current administration should be subject to right now for completely ignoring a 9-0 ruling). If this passes into law as written, we’re cooked.
Bot.
@@DataEngNZ Real bot.
THIS!! Is the worst part of this bill, the rest is bad but this completely nullifies the judiciary into no longer being a co equal branch of the government
@@DataEngNZdid you read it lol
Not a bot, go read it yourself unless you are in fact some Maga bot
Disappointed that the some of the main points about no taxes are in the form of deductions instead of actually not having to pay the tax in the first place.
💯💯💯💯
What do you mean by pay the tax in the first place?
The tax code is social engineering. They want to incentivize certain behavior and THEN you get a deal.
@@CombatNerdd He means he wants no tax taken out on his paychecks from the overtime hours. He doesn’t want the same size checks and at the end of the year get to “write off x number of hours” as overtime.
Here’s the thing. The government can invest that money (probably into a $1.7 mil public bathroom) and get more back by the time you claim it. I think it is smart except the government spends way too much now, example being the bathroom if you already forgot lol
Skilled trades will benefit the most from no tax on overtime. I’m a truck driver and typically do 55-60hrs per week. This is very significant.
But not as much as the billionaires will benefit from this bill.
@@geodude7116 I love how poor people (I’m assuming you) just look at the richer people and say “oh I don’t want this bill to pass cuz I won’t save as much money as the richer ones”. Dude if this saves you money, WHY TF WOULD YOU COMPLAIN??????
Eh, maybe. I get consistent overtime but this’ll only save me like $50 a week in federal taxes. That’s great, but the cuts to Medicaid may result in my ex wife getting kicked off her health plan. So back on my plan she’s goes. An extra $80 a week out the window -_-
Nope. If you make of 100k you don’t get it and the cap is 10k
@Tim_0361 you assumed wrong, I’m not poor. Also not a billionaire tho.
People like you are able to overlook any level of corruption as long as you receive some small benefit. The rich love this since they can manipulate with ease.
Just passed the house a few days ago, still needs the senate
Christ I’m getting really sick of these clickbaits.
@@chris11211it’s not clickbait, it passed and that’s what the title claims???
Last chapter of the video… Come on ppl
Why don’t we wait until it actually passes the Senate before we make this video title
Views
I thought it was because there’s a senate majority in favor of the bill already?
chill he knows its going to pass in the senate or hes clueless
@@KaizenNoxRepublicans have the majority as a party, but there are several Republican holdouts over various issues, mostly centered around fiscal hawks who don’t think the cuts are deep enough, and those in purple states who are up for reelection in 2026 and don’t want their name attached to Medicaid cuts
@@KaizenNox If it passes the way it is now. The rest of the world will give up on USD.
No tax on tips or overtime is bullshit. They should increases the standard deduction to 30K for every individual
That would devastate our national debt. Not that Trump’s bill doesn’t already do that.
@@michael_mackleythat’s BS. Rich people can contribute 25K for their 401Ks tax free, and their employers can put in an additional 50K tax free. It can be done and it is being done for people who can afford to invest
@@jonzilber All 401k contributions are taxed and paid for by the employee in either a pre-tax or post tax account. If it’s a post tax account (roth 401k) than the earnings on any investments aren’t taxed, but the contributions still get taxed.
@@michael_mackleyincorrect. They are deferred tax accounts so they only get taxed when the money is withdrawn. These folks can easily have other money to live on, then pass their 401K on at death tax free
I hate click bait. Passing the house means nothing if it doesn’t go through the senate. Cmon.
Your clicking for the information not the bait 😂
seems like clickbait but if you sit down and think about it the title claims what actually happened so it isn’t clickbait. the title never claims anything else.
@@jahsidmatias3625it’s definitely click bait.
Anyone who sees “Bill has Passed” would reasonably assume that it passed the house AND senate.
So you didn’t watch the last chapter of the video either?
I think it means it passed the house. I wouldn’t say that’s means nothing.
I can’t wait for the Dave Ramsey calls of people trying to justify car loans for the tax write off
When I realized this was only for “cash” old school tips I realized the same. This is pointless. People were not reporting most of that in the first place. And most modern restaurants don’t even allow cash tips anymore. Not to mention most people don’t carry cash either. Making it look like politicians care while actually doing NOTHING.
Did you pay attention to the video? The IRS definition of cash tips includes those paid by credit or debit or distributed by the employer from a tip pool
What people don’t want to say out loud is that tipped service workers are generally overcompensated relative to their peers already. A tax cut for the cooks making pennies would be far more fair. I’m honestly glad the whole no tax on tips thing turned out to be a virtue signal more or less.
It’s falls under credit card or debit tips also weren’t u listening???
Exactly! I was a server in college and always preferred cash tips. When I go to restaurants, I always tip in cash. Most servers don’t report those bc they would have to pay taxes on those so only adding cash tips is pointless!
It has at least removed the illegality of it
You missed the part about the courts being limited, that the executive can ignore court orders.
Make a video about the social programs getting cut.
I had to study this tax bill for my econ class and honestly it seems like it’s going to help the rich ALOT more than the middle and lower class. And at some point the lower and middle class are going to make up for it. For example, anybody who has a tanning bed gets a little bit of a tax break 😂😂
Yes that tax write-off part alone makes this bill for business owners while the middle class gets peanuts
If you are buying a car in the $40k range, who the hell is buying American over Toyota/Honda?
Majority of Toyota is made in the USA
@@joeyr1996 that’s not what he was getting at but you’re pretty accurate about that
If the car is made in America it qualifies even if it’s not an “American” car. Just like how the VW EV Qualifies for the tax credit cause the battery is made in the USA
Business owners making 500k+ take home a year do not need a tax cut to “create jobs.” Thats called greed at that point. End of story.
It has to pass the Senate also, but most people also want Congress to codify DOGE cuts
$40k in potential SALT deductions? No tax on OT? It almost feels like Congress finally threw a bone to people who actually earn decent money. But the execution? That’s where it gets messy.
Exactly. These updates sound promising, especially for those of us in high-tax states but they’re laced with nuance. The wrong deduction timing or income threshold misstep could mean missing out entirely. That’s why I stopped playing tax roulette years ago.
I’ve been working with an FA, *Lynne Diane Burgraff* she helped me legally restructure part of my income and optimize deductions, and it saved me just over $31,000 last year. I didn’t even realize how inefficient my setup was until she laid it out.
@@brianmurphysn That’s impressive. I feel like those of us in the middle and upper-middle bracket get stuck, make too much for aid, not enough to feel wealthy. Meanwhile, we’re the ones getting crushed by state taxes, tuition, mortgage interest, you name it.
Do you think Lynne works with people who aren’t necessarily high-net-worth but have decent income and multiple streams?
Totally. She’s great for people who are doing well and want to get more strategic before things get really big. She’s not into flashy stuff or selling products. Honestly, half our sessions are just about avoiding the traps most of us fall into, like timing deductions wrong or missing passive income strategies.
@brianmurphysn Okay, I’ve got three kids, some investments, a side consulting gig… it’s getting complicated. I don’t need someone selling me wealth fantasies, I need someone sharp who can help me keep more of what I’ve already earned.
mind sending me Lynne’s info?
just search her full name, and her consulting page should pop up first. I’d definitely recommend at least having a conversation with her. Even just one session gave me clarity on things I didn’t even realize were holding me back.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I’ve been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there’s more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Melissa Terri Swayne can’t divulge much. Most likely, the internet should have her basic info, you can research if you like.
I just googled her and I’m really impressed with her credentials; I reached out to her since I need all the assistance I can get.