The One Big Beautiful Bill Act has been passed into law, and we dive into it’s details in this episode of Grow Money Business. We cover the changes to tax laws that you should know about, including planning opportunities around charitable giving, solar panels & EVs, Social Security, and the child tax credit. We also cover an article about the most important financial metric that even millionaires get wrong, the recent fed decision on interest rates, and the jobs report.
Show Notes
[02:00] Markets in a Minute – Market update in the month of July: Fed rate decisions, GDP, and job data.
[05:51] Article of the Week – Article of the week by Jesse Cramer: “Spending less than you earn”.
[07:50] Background – What is the One Big Beautiful Bill Act?
[12:00] Tax Brackets – Grant explains changes to the federal income tax brackets under the one big beautiful act.
[15:25] Itemized Deductions – Itemized deduction changes: medical, SALT cap increase, phaseouts, and workaround for business owners.
[22:40] Mortgage Interests – Mortgage interest, charitable contributions, and educator expense deductions.
[26:01] Miscellaneous Deductions – Grant explains how miscellaneous itemized deductions change under one big beautiful act.
[28:08] Pease Limitation – Previously suspended return of the pease limitation under the new bill.
Resources
Even Multi-Millionaires Can’t Get This Basic Idea Right
bestinterest.blog/even-multi-millionaires-cant-get-this-basic-idea-right/
FAQ: The One Big Beautiful Bill Act Tax Changes
taxfoundation.org/research/all/federal/one-big-beautiful-bill-act-tax-changes/
Tax Provisions in H.R. 1, the One Big Beautiful Bill Act: House-Passed Version