BREAKING: Trump JUST Signed The LARGEST Tax Cut In American History - What’s Inside!

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Helium MobileSign up (even for the FREE plan) & get $10 in Cloud Points with code GRAHAM| Trump Just Signed "The Big, Beautiful Tax Bill" Here's what's inside, what this means for you, and the tax cuts and changes for 2025 Enjoy! Add me on InstagramGPStephan

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Note: Consult a CPA for your own situation. This is NOT Tax Advice.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’ - both Cash AND Credit Card transactions count.

Three: You can't be a “high compensated employee,” meaning - you must have an income below $150,000 / year single or $300,000 / year married.

Four: 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. Limited $12,500 single and $30,000 if you're married.

Two: You must make under $150,000 per year single / $300,000 married.

Three: This would apply for tax years 2025-2028.

Four: Only the "overtime" portion of your paycheck is eligible to be tax free (not the entire amount)

-The SALT Deduction

This new bill will increase the state and local tax deductions to $40,000, but only if your adjusted gross income doesn’t exceed $500,000 per year (otherwise, it phases out and the original limit of $10,000 would apply).

-Deducting Interest On Personal Car Loans

This bill will allow you to deduct 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 beginning September 30th, 2025.

-The $1000 'Trump Account'

This bill would give eligible children born in the USA 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 now, the top tax bracket will remain at 37%, versus the previous 39.6%. This alsos renew bonus deprecation, pass through deductions, and much more.

-No Tax On Social Security (Kind Of)

This bill adds a $6000 standard deduction for those collecting social security, phasing out above $75,000 per year if single or $150,000 per year if married.

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