The "One Big Beautiful Bill": What The New Proposed Tax Law Changes Mean For You

The "One Big Beautiful Bill" recently passed through the House of Representatives by a narrow margin and is now in the Senate's hands. This bill consists of extremely important tax legislation that aims to continue on and add to the current tax provisions we have grown accustomed to for the last several years under the Tax Cuts and Jobs Act. As a pre-retiree or retiree, many of the federal tax proposals in the current bill are highly relevant and could warrant adjustments to your retirement planning if passed. In this episode, Cameron provides a breakdown of the most impactful changes and how they may affect you. More specifically, I discuss: Proposed changes to current Tax Cuts & Jobs Act legislation State & local tax deduction (SALT) cap proposed changes Deduction updates for business owners and landlord (bonus depreciation, QBI) Current tax provisions to be repealed under the One Big Beautiful Bill Brand new provisions in the One Big Beautiful Bill relevant to pre-retirees and retirees Proposed changes to Health Savings Accounts (HSA) Resources From The Episode: Retired-ish Newsletter Sign-Up Get Show Notes Here Key moments: (00:00) Introduction to the One Big Beautiful Bill (02:05) Key Provisions of the Proposed Bill (03:56) Proposed Changes to Current Tax Law (08:52) Proposed Changes to SALT Deduction (11:01) Proposed Changes in Small Business Owner Tax Breaks (14:10) Proposed Tax Provisions Set to be Repealed (15:43) Proposed Brand New Tax Provisions