Main Street Business #585 New Tax Bill Signed Into Law By President Trump - What’s In and What's Out?
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Jul 5, 2025 The podcast dives into the recently signed tax legislation, highlighting its significant impact on personal and business taxes. It explains individual tax breaks and crucial changes to state and local tax deductions. The discussion also covers benefits for seniors and small business owners, offering valuable insights into navigating the new landscape. Listeners are encouraged to strategize ahead of 2025, ensuring they maximize potential savings and advantages. This informative session equips audiences with key planning tactics for the future.
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Permanent Individual Tax Rate Cuts
- Individual tax rates are set to drop by 2-3% permanently starting 2026.
- The highest tax bracket remains 37%, not increasing as some speculated.
Standard Deduction Size Maintained
- Standard deduction remains doubled at $32,000 for married couples starting 2026.
- This provision is also made permanent, benefiting mostly middle and lower income filers.
Permanent Enhanced Child Tax Credit
- Child tax credit is set at $2,200 per child, slightly higher than current law.
- Unlike the House bill, this is permanent and phases out for high earners.