Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act

In this episode of the Sunlight Tax podcast, I talk about Trump’s new tax law, officially called the “One Big Beautiful Tax Bill.” I break down its key points, how it impacts different income groups, the updates to clean energy tax credits, and what it means for self-employed people and freelancers. 

I also emphasize why it’s so important to understand tax laws, and I encourage you to share this information with anyone who might benefit from it.

 

Also mentioned in this episode:

00:00 Introduction to the New Tax Bill

04:13 Overview of the Tax Bill's Key Points

11:49 Impacts on Low-Income and Wealthy Households

18:55 Changes to Environmental Credits and Clean Energy

19:50 Implications for Self-Employed and Freelancers

 

Takeaways

• The new tax bill is officially called the 'one big beautiful tax bill.'

• I aim to provide clear, fact-checked information about tax laws.

• The bill extends provisions from the Tax Cuts and Jobs Act of 2017.

• It is expected to increase the federal deficit by $3 to $4 trillion.

• The bill primarily benefits households with incomes over $500,000.

• Medicaid cuts are expected to save $900 billion.

• The child tax credit has been increased from $2,000 to $2,200.

• Many environmental tax credits from the Inflation Reduction Act have been eliminated.

• Self-employed individuals will maintain the qualified business income deduction.

 

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Other Sunlight Tax podcast episodes about OBBBA:

• Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits

• New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors

 

Links:

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp