Breaking Down The “One Big Beautiful Bill Act”: Impact of New Laws on Tax Planning
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Signed into law on July 4th, 2025, the “One Big Beautiful Bill Act” (OBBBA) marks a historic update to the U.S. tax code—and it’s one that could reshape how you approach your retirement plan.
READ THE ARTICLEAt its heart, the law preserves many features from the 2017 Tax Cuts and Jobs Act (TCJA), such as the current tax brackets and increased standard deduction. But it also layers in a host of new deductions, limitations, and special provisions that could offer benefits and introduce new planning challenges.
Some of the most relevant highlights include:
📌 Temporary $6,000 deduction for seniors age 65+ (2025–2028)
📌 Expanded deductions for tips, overtime wages, and auto loan interest
📌 Higher SALT deduction cap of $40,000—but only temporarily and with income-based phaseouts
📌 Reduction in the charitable giving deduction for most taxpayers
📌 Boosted gift and estate tax exclusion—now at $15 million per person
📌 The launch of a new savings tool: the “Trump Account” IRA, available to fund early and without earned income
Make Note: While many provisions may seem small on their own, the combined effect is a complex web of rules, timelines, and thresholds that could impact your lifelong savings. As always, our goal is to help you Retire With Purpose®—and part of that is ensuring your strategy reflects the latest laws while aligning with what matters most to you.