How Much the Big, Beautiful Bill Act Saves You

Understanding tax law is complicated. Discussing changes in tax law universally is too. With that said, based on the average tax filer by income level I can provide average estimated tax savings by income level in President Trump’s recently signed One Big Beautiful Bill Act.

Episode Transcript

Speaker 1 (00:04):
Your new day starts with the Brian Mutshaw, the news
you need to start your morning in the Palm Beaches
and the Treasure Coast.

Speaker 2 (00:12):
Yeah. So, with all of this analysis of the Big
Beautiful Bill Act and taxes under it, how about just
kind of giving you a ballpark idea of how much
the Big Beautiful Bill Act will save you? And this
is going to be a bit of an oversimplification, but
what I've done is based upon income level and the
types of deductions that are ordinarily undertaken by those with

(00:36):
those tax brackets, I've broken out how much the BBB
stands to save you. And as we dive in a
reminder that all of the changes were made retroactive to
January first of this year, meaning that you will realize
the tax benefit in this tax year, and you could
certainly do so by figuring out more precisely what your

(01:00):
tax situation now is with your tax prepare and make
adjustments to withholding, which is what I suggested yesterday. At
a minimum, you'll realize the difference when you file your
taxes next year. So, in terms of the typical savings
based upon income level for those earning under thirty five thousand,

(01:20):
dollars a year. The estimated tax savings comes in at
six hundred and fifty dollars. For those earning between thirty
five to fifty thousand, it bumps up to fourteen hundred
and fifty dollars the tax benefit for those earning between
fifty to one hundred seventeen hundred and fifty dollars per year.

(01:42):
Then for those between two hundred and seventeen and three
hundred and eighteen thousand, this is where the benefit on
average will be biggest at thirty seven hundred dollars. Then
it goes down to thirty six one hundred down average
for those earning a to one point one million, and
all the way down to seventeen hundred and fifty dollars

(02:04):
for those earning over one point one million. And the
reason is as income levels go up, the benefits the
deductions phase out, and so many of these new ones.
And when you take a look at a lot of
the common deductions that factor into different income levels, you have,
you know tips that can factor in over time, child

(02:27):
tax credits, the senior tax deduction, auto loan deduction, salt
deduction is a big one for a lot of people
in a lot of states that has gone up by
four times what it had been pretreviously. So those are
all ways that these additional tax savings are realized. So
again on averages, it's still worth you figuring out more

(02:52):
precisely what this means to you and taking advantage of
the opportunity by justing withholding as necessary to see the
benefit out the course of the year, rather than waiting
until tax time.

Speaker 3 (03:03):
But Brian, what about the billionaires they're not saving? I
thought they was, say, who is this by? Supposed to
be Bernie, but I guess he's from New York. I
don't I don't know. Yeah, I couldn't do it.

Speaker 1 (03:15):
But anyway, Yeah, aren't you here and all of that
in the news. It's the billionaires that they're gonna save.

Speaker 2 (03:20):
Right So yeah, actually no, well before you get to
that point, the tax benefits actually phase out and you
would actually receive less benefit than.

Speaker 1 (03:31):
Those So the billionaires are just the ones that provide
the jobs.

Speaker 2 (03:35):
Yeah, so if you earned this is accurate, and I
do think it's an instructive point. The tax benefit for
those earning over a million dollars is no better than
the tax benefit for those earning fifty thousand on average.

Speaker 1 (03:51):
All right, facts matter.

Speaker 2 (03:53):
I guess in my world they do.

Speaker 1 (03:56):
It's gonna look at some Florida headlines Florida's public school
so celebrating top grades. Governor Ron de Senis is crediting
progress monitoring rather than the high stakes exams for improvement.
He says twenty eight districts received an eight, thirty one
got a B, eight receiving a C. None received a
D or F. Anywhere in the state of Florida, the
Palm Beach County Schools maintained its A rating. Same could

(04:18):
be said for Martin, Saint Louis, Indian River counties as well.
State Wide, seventy one percent of schools were either A
or B. Pom Beach County commissioners poised to vote on
whether to change the name of Southern Boulevard between Kirk
Road and South Ocean Boulevard to honor President Donald J. Trump.
Google Maps this week already showing the change. Today's vote
comes about as a result of a new state law
requiring Florida Department of Transportation to put up signs honoring

(04:42):
the president, along with one further west on Southern to
honor three fallen Palm Beach County Sheriff's deputies now. The
Commission's votes on both changes today will determine whether the
county will recognize the new names of those stretches of roadway.
The name's mostly ceremonial. A Palm Beach County company sued
for a salmonilla outbreak. A Mississippi woman recently filed suit

(05:03):
against Boynton Beach's Bednar Growers for selling cucumbers and made
her sick. Plaine of claims She bought the keukes in May,
made two trips to the er over the next week,
and the CDC is linking the cucumbers to about seventy
salmonella cases in twenty one different states. There's a new
cars attraction coming to Walt disney World's Magic Kingdom Piston

(05:25):
Peak National Park. It's inspired by the Pixar franchise and
will feature a visitor lodge, ranger, headquarters, trails rides, and
like the Rivers of America, Tom Sawyer Island. Those attractions
which have been there since the park opened, they have
closed this week to make room for the new land.
And those are your headlines.