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One Big Beautiful Bill Act

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You've likely heard about this from every possible media channel.

A sweeping new tax law just hit the books. It’s called the “One Big Beautiful Bill Act,” and it could represent a big overhaul to household finances.

Think of it like a home renovation. The 2017 tax cuts laid the foundation. This law keeps the structure, adds new features, and rips out a few that may no longer fit.

I won't dance around the issue: This bill is controversial.

Some people love it. Others don’t. Yet no matter how you feel about the politics behind it, what I want to break down in this email is how it might affect you. Your taxes, your savings, your financial future. Here’s a general breakdown: (1)

Tax brackets will stay the same for now. Lower income tax rates and higher standard deductions are now permanent. In 2025, the deduction rises to $15,750 for single filers and $31,500 for married couples filing jointly.

State and local tax (SALT) deduction cap quadruples. It jumps from $10,000 to $40,000 in 2025, with annual increases through 2029.

Seniors get a bigger break. If you’re 65 or older, you may qualify for an extra $6,000 deduction, depending on income.

New help for families. The Child Tax Credit bumps up to $2,200. And every baby born between 2025 and 2028 gets a $1,000 “Trump Account” to start saving for the future.

Student loan system overhaul. Repayment plans like SAVE and PAYE are going away. PLUS loan caps are coming. The Grad PLUS program ends July 1, 2026.

529 plans just got more flexible. You can now use them for K–12 tuition (up to $20,000), educational therapies, and more.

Temporary perks, disappearing credits. New deductions apply to tipped income, overtime, and interest on U.S.-made car loans. Credits for EVs and clean energy are being phased out.

It’s a lot. This law is more than 900 pages long. Some changes start right away, others in 2026. And while the headlines are political, the impact is personal.

The good news? You don’t have to navigate this alone. With changes this significant, it can be helpful to review how they might affect your specific financial picture. Whether you're adjusting your savings strategy or exploring how new tax breaks might apply to you, a conversation about your situation can help you stay ahead of these changes.

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