The Big, Beautiful Bill: Unpacking Trump's Latest Tax and Spending Legislation

In this timely episode, Trevor Lawson interrupts the cognitive biases series to dive into "The Big, Beautiful Bill," a sweeping piece of legislation under the Trump administration. Drawing from a CNBC article, Trevor breaks down the key provisions and their potential impact on personal finances. He discusses the permanency of the 2017 tax cuts, including the increased standard deduction and a significant rise in the estate and gift tax exemption to $15 million per person or $30 million for married couples. Other notable changes include an increased child tax credit , a higher state and local tax (SALT) deduction cap of $40,000 , and a temporary senior bonus deduction of up to $6,000. Trevor also highlights cuts to Medicaid and SNAP programs , the introduction of "Trump Accounts" for child savings , new caps on federal student loans , a temporary car loan interest deduction , and expanded uses for 529 plans , as well as the permanent extension of the Section 199A pass-through business deduction for small business owners.Reference:https://www.cnbc.com/guide/what-trumps-one-big-beautiful-bill-means-for-your-money/?__source=newsletter%7CmoneymattersSecurities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.