The Largest Tax Cut in US History? [E170]

Thanks to our partner Promotive

In this episode of Business by the Numbers, Hunt Demarest, CPA of Paar Melis and Associates, explores the details behind what former President Trump is calling the "largest tax cut in U.S. history." What’s actually in the proposed bill? Will any of it pass Congress? And most importantly, what could it mean for auto repair shop owners and other small business operators?

Hunt unpacks what we know so far, what’s still uncertain, and how business owners can start thinking strategically. From potential expansions of the Child Tax Credit and QBI deduction to the controversial proposals of eliminating taxes on tips, overtime, and Social Security, this episode covers the key elements that matter most.

Whether you’re looking to stay informed or proactively plan for future changes, this episode offers a grounded look at what’s on the table—and what’s likely to be left off.

Key Takeaways:

• What’s included in the proposed 2025 tax cut and what’s still up for debate
• The current status of the Child Tax Credit, QBI deduction, bonus depreciation, and SALT deduction cap
• Potential elimination of taxes on Social Security income—and whether that’s realistic
• A breakdown of the proposed “Millionaire Tax” and its implications for high earners
• Why the talk of tax-free tips and overtime could create major planning opportunities for business owners

What shop owners need to watch for and how to prepare as legislative discussions continue

Thanks to our partner, Promotive

It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.

Paar Melis and Associates – Accountants Specializing in Automotive Repair

Visit us Online: www.paarmelis.com

Email Hunt: [e-mail]

Text Paar Melis @ 301-307-5413

Download a Copy of My Books Here:

• Wrenches to Write-Offs
• Your Perfect Shop 

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