Revisited: Q&A - Savings in the One Big Beautiful Bill Act

Revisited: Q&A - Savings in the One Big Beautiful Bill Act

Episode Transcript

Speaker 1 (00:00):
Let's talk about how much the Big Beautiful Bill Act
saves you and when you take a look at the
overall tax on As I've spent time analyzing this, a
lot of folks confused about it. Understandable. As I've mentioned,
it's important to figure out what it means to you
and perhaps with your tax prepare and then make withholding

(00:21):
adjustments so you're not having as much money taking out
of your paycheck every time. You get to realize the
tax benefit all throughout the year, rather than just getting
it realized when you find all your taxes next year,
having perhaps provided a tax free loan tongkle Sam. So
as we take a look based upon income level, I'm
playing the averages here. Okay, So this is straight up

(00:43):
going to be the average tax savings based upon income.
Doesn't mean it's necessarily what you're going to save based
upon your income level, but just to give you a
broad idea, for those who earn thirty five thousand dollars
in less, estimated tax savings will be six hundred and
fifty dollars with the new tax law. For those who

(01:05):
are in between thirty five to fifty thousand, the estimated
tax savings is fourteen hundred and fifty dollars. For those
who are in between fifty to one hundred thousand a year,
the savings checks in at seventeen hundred and fifty dollars.
The biggest savings of all is likely to be achieved

(01:26):
for those between two hundred and seventeen to three hundred
and eighteen thousand per year at thirty seven hundred.

Speaker 2 (01:33):
And then it goes up from there, right, because the
billion is they're going to like save the most.

Speaker 1 (01:38):
Right, Yeah, so it actually goes down from there, really, Yes,
So above three hundred and eighteen to one point one million,
the average benefit will be in the neighborhood of thirty
six hundred, and then above one point one million down
to seventeen hundred and fifty dollars.

Speaker 2 (01:53):
Can't be right.

Speaker 1 (01:54):
In other words, by the time you get north of
a million, the tax benefit is no better than for
those who are in an average of fifty thousand a year.

Speaker 2 (02:03):
What about all this I'm hearing from Bernie and all
the rest and the media, by the way.

Speaker 1 (02:09):
It would be shocking, I know if I told you
that they may either not know what they're talking about,
which is likely at least in the case of news
media anyway, or they might just be lying to you,
which would be likely in the case of all the above.

Speaker 2 (02:26):
Not to go off on a tangent, I'm just going
to say, what sucks about that whole thing is that
we have to hear those of us who have friends
and family members who believe these people still that, oh,
you're wrong, that's not what it is. It really is
benefiting the.

Speaker 1 (02:44):
And the irony is the irony is even those.

Speaker 2 (02:50):
People being very nice.

Speaker 1 (02:53):
There's people even they will benefit despite their ignorance, despite
their indignance, despite their potential hatred. They still you mean,
like the twenty seventeen same thing exact said. This is
part of the reason why last week I brought you
that information that only eighteen after people had started to
benefit from it, from the Tax cut Jobs Act, you

(03:17):
only had eighteen percent of people early on who thought
they were benefiting from it. That's how brainwashed people had become.
I don't think it's quite that bad this time around,
but yes, there are still some the well did the
media and the lefts with their their old platebook tactics.
So yes, anybody who still takes a look at CNN
or ABC CBS, NBC and goes Man. These people, they're

(03:39):
a good source for information. Yeah, they're gonna be uh,
they're gonna be in that place.

Speaker 2 (03:42):
I'm not hanging out of Bernie's Florida summer camp anymore.

Speaker 1 (03:46):
All Right, we're gonna we still know where that are located.

Speaker 2 (03:49):
No idea,