Roy Browning Roy Browning

What’s In it for us? (Big Beautiful Bill Editorial Series: Part 1)

The leader of the Free World (President Trump) has touted this as a “Golden Age”, or a time of economic prosperity for the United States of America. But, the shift has wreaked havoc on the pockets of US Citizens up to this point. Leaving the American public thinking, “What’s in it for us?”

…makes the higher standard deduction permanent and increases it further. For 2025, the standard deduction is $15,750 for single filers and $31,500 for married couples filing jointly.

What’s In It For US?

This is the first of several editorials I am releasing to prepare individuals, families, and businesses for what a lot of experts are calling, “The New World Economy”. The transition into our new economic structure has been marked by a series of significant increases in day-to-day expenses, creating a challenging environment for all of us. From the fundamental cost of food, which directly impacts every household, to the fluctuating and often rising price of gas, the financial pressures are felt across various sectors of the economy and among individuals. These increases are not isolated incidents but rather reflective of broader economic shifts, including inflationary pressures, supply chain disruptions, and evolving market demands. Consumers are finding their budgets stretched thin, creating a need for adjustments in spending habits and a reevaluation of financial priorities. This period of economic adjustment requires resilience and adaptability from individuals as we navigate these evolving financial realities. 

The leader of the Free World (President Trump) has touted this as a “Golden Age”, or a time of economic prosperity for the United States of America. But, the shift has wreaked havoc on the pockets of US Citizens up to this point. Leaving the American public thinking, “What’s in it for us?”


How the "Big Beautiful Bill" Will Affect Individuals and Families

The "One, Big, Beautiful Bill" (OBBB) was signed into law in July 2025. This bill largely makes permanent the individual tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA) that were set to expire. It also introduces several new, targeted tax changes. For most individuals and families, this means a continuation of lower income tax rates and a simpler filing process, but it also brings some notable changes to deductions, credits, and expenses. Let’s break down the advantages and disadvantages to this Big Beautiful Bill. 

Tax Advantages and Opportunities

The bill provides several benefits that individuals and families can take advantage of when filing their taxes:

  • Lower Income Tax Rates and Higher Standard Deduction: The bill permanently extends the lower individual income tax rates (ranging from 10% to 37%) that were in effect under the TCJA. It also makes the higher standard deduction permanent and increases it further. For 2025, the standard deduction is $15,750 for single filers and $31,500 for married couples filing jointly. For 2026, it rises to $16,100 for singles and $32,200 for joint filers. This simplifies tax filing for the nearly 90% of taxpayers who now claim the standard deduction instead of itemizing. In exchange for the higher standard deduction, the bill permanently repeals personal exemptions. The extinction of the exemption does not surprise me, because it was simply an over complication to tax filing, while lowering tax rates and raising standard deductions is more universal to all tax payers. 

  • Enhanced Child Tax Credit (CTC): A key benefit for families is the enhancement of the Child Tax Credit. The bill increases the credit from $2,000 to $2,200 per child, makes this higher amount permanent, and indexes it to inflation for future years. The maximum refundable portion of the credit for 2025 is $1,700. This increase will help families during this transition.

  • New Deductions for Workers and Seniors:

    • Tips and Overtime: From 2025 through 2028, the bill introduces temporary deductions for tip and overtime income. Workers can deduct up to $25,000 in qualified tip income and up to $12,500 for qualified overtime pay. These deductions phase out for single filers earning over $150,000 and joint filers earning over $300,000. This is major for the working class Americans, and I for one would like to see this become permanent within the tax code.

    • Seniors: Taxpayers aged 65 and older can claim a new temporary deduction of $6,000 per individual ($12,000 for a qualifying married couple) from 2025 through 2028. This is in addition to the existing extra standard deduction for age and is available to both itemizers and non-itemizers, though it phases out for those with higher incomes. This deduction for seniors comes at a crucial time for seniors. I do not want this to coincide with what is happening with Medicare and Medicaid. This is a deduction that is needed for our seniors with the increased prices that is not reflected in their Social Security benefits.

  • Increased State and Local Tax (SALT) Deduction: For taxpayers who itemize, the cap on the deduction for state and local taxes is temporarily increased from $10,000 to $40,000 for tax years 2025 through 2029. However, this benefit is aimed at middle and upper-middle-income families; the deduction begins to phase out for taxpayers with a modified adjusted gross income (MAGI) over $500,000 and reverts to the $10,000 cap for those with MAGI above $600,000. The cap will return to $10,000 for all taxpayers in 2030.

  • Support for Family Savings and Education:

    • Newborn Accounts: The bill establishes new tax-deferred investment accounts, sometimes called "Trump Accounts" or "MAGA Accounts," for children born in the U.S. between 2025 and 2028. These accounts will be seeded with a $1,000 government contribution, and families can contribute up to an additional $5,000 per year. The Trump Account should make for a good savings vehicle for families, and shows the direction our government looks to move towards in this “Golden Age”. I look forward to following up on the way this affects families for years to come.

    • 529 Plans: The definition of qualified expenses for 529 savings plans is expanded to include costs for vocational, trade, and technical schools, as well as workforce training programs. This is a Savings Plan Account that is being retooled to help out with the future workforce of America. A Good step in the right direction. 

    • Adoption Credit: The adoption tax credit is enhanced by making it partially refundable, allowing parents to claim up to $5,000 in refundable credits. Another good forward thinking decision by the government that symbolizes putting family first.

  • Higher Estate Tax Exemption: For high-net-worth families, the bill permanently increases the federal estate and gift tax exemption to $15 million per person ($30 million for a married couple), indexed for inflation. This increase in tax exemption for estate tax shows that the powers that be are emphasizing legacy for families.

Potential Increased Expenses and Negative Financial Impacts

While the bill offers many tax advantages, some families may face new or higher costs:

  • Elimination of the Electric Vehicle (EV) Credit: A significant expense increase for some will be the elimination of several clean energy credits from the Inflation Reduction Act. Most notably, the $7,500 consumer tax credit for new electric vehicles is eliminated for any vehicle purchased after September 30, 2025. This will make the purchase of a new EV more expensive for consumers who would have qualified for the credit.

  • Changes to Medicaid and SNAP: The bill introduces new work requirements for able-bodied adults without dependents to qualify for Medicaid and the Supplemental Nutrition Assistance Program (SNAP). While proponents state these changes are intended to reduce fraud and encourage work, critics warn that the new reporting requirements could cause some eligible individuals and families to lose access to crucial health care and food assistance benefits. Once the smoke clears from all the excess and fraud the right wing claims is in the system, we should be in a better place, hopefully. Stay Tuned! 

  • New Tax on Remittances: The bill imposes a new 1% tax on certain international money transfers (remittances) when the sender uses cash, a money order, or a similar physical instrument. This creates a new cost for individuals sending money to family abroad through these methods. This to some seems to be cruel and usual punishment. To crypto enthusiasts such as myself this seems to be a step towards the advancement of crypto.

  • Permanent Loss of Certain Deductions: The bill makes permanent the TCJA's elimination of miscellaneous itemized deductions. This means expenses such as unreimbursed employee business expenses, tax preparation fees, and union dues remain non-deductible. These deductions all seem to have little impact on an individual’s bottom line (unless you are a jet setter for your company, if so why isn’t the company fitting the bill?). Nevertheless, this is something that needs to be repealed in my eyes.

A brief introduction of myself, my name is Roy D. Browning. I have been in the Finance industry for the past 2 decades. For the past 7 years I have been working for the people through the service of tax filing and consulting. Throughout that time I have created strategies to increase tax refunds or reduce tax liabilities. I am passionate about the finance of things and remain dedicated to the prosperity of the people. This marks the first of many editorials for the people of this great nation.


For more content and analysis from Roy D. Browning follow on social media (@roydbrowning):



Subscribe to the Youtube Channel: https://youtube.com/@northstarwealthmedia?si=TmhBUzyBb0mawRU1

The Podcast entitled Wealth Builders will be giving in depth analysis on personal and business finance. We start with an in-depth analysis of this periodical to prepare everyone for what’s to come this tax season. 

Want to know more about the strategies you can use to increase your tax return? Subscribe and become a Wealth Builders Member. We offer wealth strategy content to guide you to financial freedom, absolutely. Click Here To Join: https://www.northstartaxservice.com/wealth-builders-wire-register



Read More