Wealth Unplugged 020: 14 Changes To Your Tax Bill in 2025+
“When you understand taxes, there’s so much that you can do that when you add them together, they really do make a difference.”
Today, Joey breaks down 15 key changes in the new 900-page tax bill—what’s already in effect, what’s changing, and how it impacts your income, investments, business, and retirement.
First, the big picture: the U.S. deficit sits at $36 trillion. This tax bill, while aimed at economic growth, is expected to add another $5 trillion to the deficit in the next decade.
Joey walks through three possible deficit solutions—print money (hello, inflation!), raise taxes (bad for growth), or cut taxes and encourage spending. The bill leans into the third. Tax brackets stay low, tips and overtime see new exemptions, and universal deductions for charitable giving finally throw a bone to the 90% who don’t itemize.
Adjusted gross income (AGI) gets a break with smarter 529 rules and the new MAGA account—a $500–$1,000 government-funded growth account for each US Citizen born between 2025 and 2028.
Seniors win big with a bonus standard deduction that effectively erases taxes for those living on Social Security. Business owners can breathe easier with a now-permanent 20% QBI deduction. And if you’re living in a high-tax state, the SALT cap just jumped from $10K to $40K.
Caveat: EV credits vanish after September, so act fast. Meanwhile, the estate exemption stays at $15M per person, avoiding massive tax burdens for wealth transfers—at least for now.
Tax policy may be nerdy, but smart planning can meaningfully boost your nest egg over time. Don’t ignore the small stuff—it adds up.
Key Topics:
- U.S. Deficit & Economic Strategy (00:05)
- New Tax Brackets & Income Planning (06:58)
- Tips, Overtime & Investment Income (10:37)
- Universal Charitable Deduction (12:50)
- 529 Expansion & MAGA Accounts (14:40)
- Senior Deductions & Social Security (19:31)
- QBI Deduction & SALT Cap (21:54)
- EV Credit Expiration (25:50)
- Estate Tax Exemption Made Permanent (26:53)
This podcast is brought to you by Joey Loss, CFP®, Adam Van Wie, CFP®, and Strivus Wealth Partners. Through Strivus, Joey and Adam provide financial planning and investment management services to clients across the country from their home base in Jacksonville Beach, Florida.
You can find show notes and transcript of the conversations here: Strivus Wealth - Wealth Unplugged.
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