The Long Game Big Beautiful Bill Summarized: Tax Cuts, Tips, SALT Caps, PTET, and More
Jul 11, 2025
In this discussion, tax expert Roger Ledbetter shares his deep knowledge of the recent tax bill and its effects on individuals and businesses. He simplifies complex topics like new individual tax rates, significant deductions for tips and car loans, and the implications for Opportunity Zones. Listen as he reveals the latest changes around gambling losses and estate exemptions, while also outlining the strategic advantages of Qualified Small Business Stock. Roger's practical insights make navigating the evolving tax landscape feel more manageable!
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Bill Restores Pre-TCJA Business-Friendly Rules
- The bill largely restores pre-TCJA business tax rules and favors business owners and employees in many areas.
- Roger Ledbetter warns it is expensive and will increase deficits despite being taxpayer-friendly.
Personal Rates And Deductions Largely Extended
- Individual tax brackets and many TCJA personal provisions largely continue under the new law.
- Keeping the 37% top rate and extended standard deduction helps low and middle earners too.
Update Plans For Higher Standard Deduction
- Update tax-planning templates and projections for higher standard deductions and inflation adjustments.
- Treat the standard deduction increase as effectively permanent but watch future administrations.