The Truth About “The Big Beautiful Bill” | Let’s Get Real Ep. 22

You didn’t ask for this bill. Hell, most people didn’t even know it got signed.

But now it's here—and it’s coming for your wallet, your business, your health benefits, your loan rates, and your damn peace of mind.

In this raw breakdown of The One Big Beautiful Bill Act, Stoy Hall exposes the top 5 financial threats buried in this 900+ page mess—from Medicaid cuts and IRS overreach to the gutting of clean energy credits and immigrant exclusion. But we don’t just stop at what’s broken—we show you where the loopholes live and how to take advantage of what little is actually useful.

This episode is for the real ones: Black and Brown communities, LGBTQ+ families, gig workers, service industry warriors, business owners grinding for generational wealth.

No fluff. No sugarcoating. Just the unfiltered facts you need to navigate this mess.

🎯 Want help applying these changes to your real life?
 Book a Power Hour session now → https://www.blackmammoth.com/powerhour

📺 Full Video Episode: https://youtu.be/ZZnfynvzytM

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Welcome to the No BS Wealth Podcast with Stoy Hall, your candid guide to financial clarity. In our third year, we're spicing things up by enhancing community ties and bringing you straight, no-fluff financial insights. Connect with us on NoBSWealthPodcast.com, and follow Stoy on social media for the latest episodes and expert discussions. Tune in, join the conversation, and transform your financial journey with us—no BS!

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Episode Transcript

Stoy Hall (00:00):
Today we're diving in that topic that I talked about

(00:02):
last week that's gonna affecteveryone's dollar and every
dollar you have in your pocket.
And that is this bullshit.
I mean, the one big beautifulbill act, it's a massive bill.
I think there's like 900something pages.
It's messy.
It's gonna hurt a lot of people.
It does have some benefits toit, which we'll get to, but
they're not handing out anyguides.
This is gonna be something thatwe have to fight through.

(00:22):
So in this episode, we're gonnahit the top five biggest threats
right now that I've read, uh,that the bill creates.
Some of the, the loopholes thatwe can hopefully exploit.
And, uh, just let you know, thisis a starting point.
We're gonna dive deeper intofuture with future episodes to
unpack how this affects you.
It's going to take us time todig through this from a
financial planning perspective.

(00:42):
Alright, so let's dive in.
Start with some facts in thefive biggest problems, uh, that
it's gonna affect us,especially, um, our black and
brown L-G-B-T-Q communitiesFirst Medicaid snap cuts.
Well, the bill imposes strictwork requirements for access to
Medicaid and snap.
Food stamps.
And if you're between 19 and 55,not disabled, do not meet, uh,

(01:02):
new job requirements, and you'reat risk at losing your coverage.
And that's even if you're doinggig work, raising kids or facing
barriers of lack of childcare,transportation.
So it's gonna impact about up to21 million people, many of whom
are black or brown, or livingbelow the poverty line and.
If you're dependent on publicassistance as a stop gap, this
is, this is gonna hurt.

(01:23):
Two, the loss of clean energyincentives, the repeal of the
info inflation reduction acts,incentives, including tax
credits on ev, solar panels, etcetera, uh, is going to hurt a
lot of the entrepreneurs in theclean energy sector.
It's also going to hurt newgenerational wealth builders
that have some of these inthere, and it's gonna punish,

(01:44):
uh, consumers who havehistorically been redlined or,
or in the polluted areas.
Number three, we're gonna seeincreased IRS surveillance.
Okay, so this bill expandsenforcement and verification of
credits such as the earnedincome tax credit, the child tax
credit, excuse me.
And, and now you must showtighter documentation, social

(02:04):
security number, income proof.
Dependent residencies.
All of it sounds great on paper.
Uh, but in practice, the problemis people of color, low income
earners, those that are notupper income whites already are
subsequent to audits at a five,to four to five times higher
rate.
So this makes every refundseason even more stressful and

(02:26):
the risk of losing money due topaperwork errors.
So let's think through that aswe go.
Big one, obviously, as we know,is number four, exclusion based
upon citizenship.
Status.
The shit that we have to dealwith with this is just.
Insane to me anyways.
Um, if you're a legal immigrantusing an I-I-T-I-N or your

(02:49):
family's mixed status, you'reprobably gonna be disqualified
from the benefits and credits ofhaving a social security number,
so that's awesome.
Um, it will affect ourdependents, our businesses, and
our households.
So again, more power to us andas we've heard a lot again.
People there are more than justthese five.
I'm just hiring five to get thisout to you'cause it just was

(03:11):
signed on Friday, the 4th ofJuly.
Okay.
So I'm trying to get some stuffout.
We're gonna be updating you aswe go and figure out more.
And then the, the fifth onewe've heard a lot.
Just the national debtexplosion, right?
$3.3 trillion in deficit over 10years.
That's going to be great'causeit's attacking public schools.
Pell Grants.
Housing subsidies, smallbusiness loans, public

(03:34):
infrastructure, they're all inthe chop.
Chopping block happens withinterest rate, uh, also spikes
'cause it probably will.
We'll see how that goes.
Uh, the, the working class andthe early stage benefit, uh,
business owners are gonnaaffect.
Here feel that effect the mostbecause of their higher loan
costs, credit cards, et cetera.
Just saying, alright, let's getto the positive spin, right?

(03:55):
A little more jovial, if youwill.
Well, if you're strategic, wehave got about five flu polls or
things that you can takeadvantage of as we get through
this bill.
Um, let's hope that you qualifyfor some of these.
First is the 23% pass throughdeduction.
So if you run a sole prop, LLCpartnership, S corp, you might
qualify for this 23% of your netincome.

(04:16):
And that's pretty big.
So for example, if you net andnet income of a hundred thousand
and qualify, you'll only betaxed on 77,000.
So depending on your taxbracket, that's a five to 8,000
in savings.
But you need to set it upproperly.
Means you have to have an EINAformal business registration,
specifically with your stateseparate business account, of
course, in a clean book.

(04:38):
Bookkeeping process.
Make sure everything's easy toachieve.
Number two, you've heard it athousand different times.
The tip in overtime deductions,whether they are going to be a
game changer or not, it's to bediscussed.
But service workers now candeduct up to 25, 20 5,000 in
tips and up to 12,500 in overtime, um, a filing single.

(05:00):
The big catch here is the factthat the shift from workers not,
you know, you receive cash astips.
You don't usually report those.
Now you need to report those fortwo reasons.
One, to get this deduction, andtwo, the higher enforcement from
the IRS is now gonna track thatdown.
So while this is kind of a win,it's.

(05:21):
Kind of a loss too.
It just depends on how much youbring in in tips.
Hey, seniors over 65, boom, youget an extra 6,000 standard
deduction on top of theirregular amount.
Of course, that brings thetowable to about 21 7 50 for
single and 43, 5 for marriedover 65.
That is a pretty big benefit forthose that are over the fixed or

(05:43):
that are living off of fixedincome.
And we're dealing with thesocial security changes as well.
So hopefully for many, that'llreduce their taxable income to
zero.
Number four, auto loan interestdeductions.
A lot of us business owners lovethe hell out of these, um, but
you can deduct up to 10,000 ininterest, which is fantastic.
This only applies to those usedfor businesses, of course.

(06:05):
So ride shares, mobile, hairstylists, contractors, you know,
your everyday business.
Uses, uses, uses, uses.
Anyways.
But you must verify the car wasbuilt in the United States with
the VIN, et cetera.
And you must track your businessfirst, personal usage, which if
you're a business owner, thatis, that's normal, minus the
little spin of being a US built.

(06:26):
We'll see how that comes out toplay.
And the fifth and final onewe're gonna talk about today is
the charitable giving withoutitemizing.
Awesome.
It lets individuals deduct to athousand dollars in cash
donations, or 2000 if you'remarried and you don't have to
itemize.
That's a win, right?
We don't have to line and lineby line, right?
I donated this.
I donated that.
I donated that.

(06:46):
It's just kind of a flat.
2000 cash if you are married.
So it encourages middle andlower income to give back as
much as possible it can.
So I know it's an not clean winor loss.
I think it's more of a loss thananything, but there are some
advantages that we're gonna haveto take care of, right?
There are landmines that we haveto avoid and we're gonna have to
be here to support each otherthrough.

(07:07):
But there is advantages that wecan take as much as possible,
and we are going to do ourdamnest.
I know a lot of.
The people in my industry arediving into this trying to
figure out what's the best foryou.
We're gonna try, right?
We're gonna do what we canwithin this bill.
Uh, but ultimately, if you wantchanges, you're gonna have to
vote at some point to get somechanges.
All right?
But once we, once we understandthat in the coming weeks, we're

(07:30):
gonna.
Dive deeper.
We're going to figure out how wecan restructure our businesses
to qualify for that.
QBI, um, prepare your taxes forclaiming more tips and overtime
writing off the loans and divinginto what else is in this bill
and let me know if this helps,if you wanna see more of this,
right?
I'm not a tax expert per se.
I'm learning and taking thisinformation from the experts

(07:51):
around me.
These are resources that I'mproviding to you.
I wanna be able to answer allyour questions as much as
possible.
Now, granted, I'm not anattorney either.
Right.
This is, let's get real.
This is me taking informationand giving it to you as directly
and straightforward as possiblewithout all the big things,
right?
Um, that's what I'm here for.
So let me know if this is thetype of content you want to go

(08:12):
more into.
We will pro be providing as muchdetail as we can in the coming
weeks.
As always, let's get real.