“When you understand taxes, there’s so much that you can do that when you add them together, they really do make a difference.”
Today, Joey breaks down 15 key changes in the new 900-page tax bill—what’s already in effect, what’s changing, and how it impacts your income, investments, business, and retirement.
First, the big picture: the U.S. deficit sits at $36 trillion. This tax bill, while aimed at economic growth, is expected to add another $5 trillion to the deficit in the next decade.
Joey walks through three possible deficit solutions—print money (hello, inflation!), raise taxes (bad for growth), or cut taxes and encourage spending. The bill leans into the third. Tax brackets stay low, tips and overtime see new exemptions, and universal deductions for charitable giving finally throw a bone to the 90% who don’t itemize.
Adjusted gross income (AGI) gets a break with smarter 529 rules and the new MAGA account—a $500–$1,000 government-funded growth account for each US Citizen born between 2025 and 2028.
Seniors win big with a bonus standard deduction that effectively erases taxes for those living on Social Security. Business owners can breathe easier with a now-permanent 20% QBI deduction. And if you’re living in a high-tax state, the SALT cap just jumped from $10K to $40K.
Caveat: EV credits vanish after September, so act fast. Meanwhile, the estate exemption stays at $15M per person, avoiding massive tax burdens for wealth transfers—at least for now.
Tax policy may be nerdy, but smart planning can meaningfully boost your nest egg over time. Don’t ignore the small stuff—it adds up.
Key Topics:
- U.S. Deficit & Economic Strategy (00:05)
- New Tax Brackets & Income Planning (06:58)
- Tips, Overtime & Investment Income (10:37)
- Universal Charitable Deduction (12:50)
- 529 Expansion & MAGA Accounts (14:40)
- Senior Deductions & Social Security (19:31)
- QBI Deduction & SALT Cap (21:54)
- EV Credit Expiration (25:50)
- Estate Tax Exemption Made Permanent (26:53)
This podcast is brought to you by Joey Loss, CFP®, Adam Van Wie, CFP®, and Strivus Wealth Partners. Through Strivus, Joey and Adam provide financial planning and investment management services to clients across the country from their home base in Jacksonville Beach, Florida.
You can find show notes and transcript of the conversations here: Strivus Wealth - Wealth Unplugged.
Follow Joey & Strivus on Social Media:
Read our audio, video, and written content disclaimer here.
Popular Podcasts
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!