Money Guy Show What You Need to Know About the New Tax Bill
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Jun 11, 2025 Discover the looming changes from a new tax bill and how they might impact your finances, including deductions and credits. Explore practical financial strategies for young homebuyers and the importance of balancing savings with debt management. Learn to navigate retirement account decisions post-company buyout and maximize your experience at theme parks while making smart financial choices. Plus, enjoy lighthearted discussions on food etiquette that reveal quirks about dining habits!
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Standard Deduction Changes
- The proposed tax bill aims to make many Tax Cuts and Jobs Act (2017) changes permanent, especially the increased standard deduction.
- The standard deduction for singles would rise from $15,000 to $16,000 and for married filing jointly from $30,000 to $32,000, benefiting most taxpayers.
SALT Deduction Cap Expansion
- The SALT deduction cap could increase from $10,000 to $40,000 but phases out once income exceeds $500,000.
- This will offer relief to taxpayers in high-tax states or with high property taxes.
Tax Brackets Locked In
- The tax brackets introduced in 2017 will be locked in by the new legislation, capping the top marginal rate at 37% instead of reverting to 39.6%.
- This helps taxpayers avoid increased tax burdens when the previous brackets sunset.
