Review of the 2025 House Tax Bill – The One, Big, Beautiful Bill

The Essential Tax Podcast with Mishkin Santa, S2 E1In this episode of The Essential Tax Podcast, Mishkin Santa summarizes key points of the recently proffered House Tax Bill—the “One Big, Beautiful Bill.” A version of this Bill could be signed into law as early as July 2025. Mishkin reviews a few of the newsworthy changes that are proposed relating to hot tax topics such as tax on tips, overtime income, auto loan interest, charitable contributions, and more!Tune in for these key takeaways:*The new (and controversial) five percent excise tax on remittance transfers*Tips and overtime may become tax-deductible*Proposed changes to tax laws on auto loan interest*Changes to the Above-the-Line deductions for charitable contributions*Parents and caregivers may now be able to establish MAGA accounts for children*Memberships to qualified fitness facilities may be considered medical expenses*Contingency fees for tax representation could become deductible*Updates to penalties for unauthorized disclosure of tax information*Proposed termination of Inflation Reduction Act provisions*New Section 899: enforcement of remedies against unfair foreign taxes*Identification of provisions that sunset after 2028, consistent with reconciliation rules*Senate version is forthcomingAdditional Resources:Link to the House Bill (The One, Big, Beautiful, Bill or TOBBB): https://waysandmeans.house.gov/wp-content/uploads/2025/05/SMITMO_017_xml.pdf ***********************************About The Essential Tax Podcast:In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that makes your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas.Watch or listen to more episodes of The Essential Tax Podcast: * YouTube: https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOfConnect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on The Wolf Group’s website: https://thewolfgroup.com/our-people/mishkin-santa