The WealthAbility Show with Tom Wheelwright, CPA

The Good & The Bad of The One Big Beautiful Bill

Aug 7, 2025
Daniel Bunn, President and CEO of the Tax Foundation, shares insights on the recently passed One Big Beautiful Bill. He discusses its improvements to the tax code, the winners and losers among taxpayers, and lobbyist influences. Bunn highlights the complexities of tax deductions, particularly for high earners, and examines how new policies aim to reshore manufacturing. The conversation also touches on the implications for charitable contributions and the challenges posed by marriage penalties in the tax code.
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INSIGHT

Permanency Strengthens Tax Policy

  • Permanency in tax provisions provides stability for good policies like rates, brackets, and investment incentives.
  • This permanency helps businesses plan with less uncertainty, fostering economic growth and competitiveness.
INSIGHT

Permanency Shifts Political Burden

  • Permanent tax provisions shift the burden of proposing changes onto those favoring tax increases or cuts.
  • Democrats will likely keep pushing for higher corporate, individual, and estate taxes despite current permanency.
INSIGHT

Selective Tax Benefits Create Challenges

  • Raising the SALT deduction cap and no tax on tips or overtime are narrow tax benefits but politically necessary.
  • Such provisions complicate fiscal responsibility and add selective advantages in the tax code.
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