BREAKING: Trump’s "Big, Beautiful Tax Bill" Just Passed (These Changes Are WILD!)

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Go to https://magicmind.com/GS20 to get 20% off your Magic Mind subscription! Let's discuss the New Trump Tax Plan, No Tax On Tips, No Tax On Overtime, SALT Deduction, and many more potential tax write offs - including a 'free' $1000 - enjoy! Add me on Instagram: GPStephan PROMOTIONAL OFFER: Get Up To 12 FREE STOCKS when you sign up and make a deposit using my paid affiliate link for WeBull: https://a.webull.com/i/GrahamStephan GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter TRUMP TAX PLAN PASSED THE HOUSE: WHAT'S INSIDE Note: Details may change, consult a CPA for your own situation. This is not yet finalized into law. For illustrative purposes only. -No Tax On Tips One: You must work in an industry where tipping is customary (like being a server, bartender, hair stylist, or taxi-driver) Two: Tips must be paid voluntarily, not negotiated, or included automatically as a ‘service charge’ Three: You canno't be a “high compensated employee,” meaning - you must have an income below $150,000 / year single. Four: The Tip Must Be Considered 'Cash Payment' Five: The maximum you can claim is $25,000. -No Tax On Overtime One: If you work overtime (more than 40 years in a week), this bill proposes a deduction of that same amount against your taxable income. Two: You must make under $150,000 per year Three: This would apply from 2025-2028, if passed in its current form, for those with valid SSN. Four: Unclear if this is for the entire amount of overtime, or just the 50% bonus. -The SALT Deduction This new bill proposes increasing the state and local tax deductions to $40,000, but only if your adjusted gross income doesn’t exceed $500,000 per year (otherwise, the original limit of $10,000 would apply). -Deducting Interest On Personal Car Loans This bill proposes deducting interest payments on personal use vehicles, up to $10,000 per year, for tax years 2025-2028, but only for vehicles made in the USA. This would start to phase out for income earnings who make above $100,000 per year single, or $200,000 per year married. -Eliminating Clean Energy Incentives This bill would cancel the $7500 EV tax credit, among other Solar and Home Energy incentives. -The $1000 'Trump Account' This bill would give all children born in the USA with a valid SSN a one-time payment of $1000 to be invested for qualified expenses (first time home purchase, education, and business start-up expenses). -Extending Tax Cuts and Jobs Act This is a tax plan was was implemented in 2018, scheduled to expire in 2025 - but if this continues, the top tax bracket will remain at 37%, versus the previous 39.6%. This would also renew bonus deprecation, pass through deductions, and much more. -No Tax On Social Security (Kind Of) This bill adds a $4000 standard deduction for those collecting social security, phasing out above $75,000 per year if single or $150,000 per year if married. Even though this has passed the House (and, it currently sits in the Senate where Republicans have majority), we’re still likely going to see some further changes before it’s signed into law, because it's expected to add Trillions to the Federal Deficit. Basically, take this video as your blueprint for what they want to happen - but expect that the finalized version (likely in the next month or two) will be slightly different from what we see today. Timestamps: 00:00 - Trump Tax Plan Passed The House 01:12 - No Tax On Tips 03:10 - No Tax On Overtime 04:34 - The SALT Deduction Increase 07:33 - $10,000 Car Loan Deductions 09:08 - Ending $7500 EV Tax Credits 09:50 - Free $1000 Trump Account 11:47 - Extending Major Tax Cuts 12:54 - No Tax on Social Security 13:41 - Chances Of Passing Into Law The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF - $100 OFF WITH CODE 100OFF My ENTIRE Camera and Recording Equipment: https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB For business inquiries, you can reach me at grahamstephanbusiness@gmail.com *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.