The One Big Beautiful Bill: What It Means for Your Taxes, Housing, and Wallet

Описание: Congress just passed the so-called “Big Beautiful Bill”—a massive tax package that’s already sparking debates about who benefits, who pays, and how it impacts everyday Americans. In this episode of Millennial Money Matters, Kelly Turner and Derek Mazzarella break down the 1,000-page bill in plain English so you know exactly how it affects your wallet.

We cover:

➡️Why the bill was passed and what it replaces from the 2017 Tax Cuts and Jobs Act
➡️Standard deduction increases and what that means for individuals and families
➡️New temporary tax perks, including deductions for tips, overtime, and car loan interest
➡️The child tax credit boost and new senior deduction
➡️SALT (state and local tax) changes and who actually benefits
➡️“Trump accounts” for kids: what they are and how they work
➡️Business perks like qualified business income deductions and accelerated depreciation
➡️Housing and affordability: what the bill missed entirely
➡️Why EV and solar tax credits are going away
➡️The $3.4 trillion national debt impact—and what it could mean long-term

Whether you’re a millennial trying to buy a home, a parent budgeting with tax credits, or a small business owner wondering about deductions, this episode gives you the tools to navigate the biggest tax changes of the decade.

Timestamps

0:00 Intro and new studio vibes
1:00 Why the Big Beautiful Bill was passed
2:30 What stays the same from the 2017 tax cuts
4:50 Standard deduction increases explained
6:50 Senior and child tax credits updated
8:20 No tax on tips and new overtime deductions
10:00 Car loan interest deduction explained
12:00 SALT deduction expanded
14:00 Business deductions and accelerated depreciation
17:00 Who really benefits from the bill
19:00 The $3.4 trillion debt increase
21:00 Housing affordability concerns
23:00 Loss of EV and solar tax credits
25:00 Planning strategies to take advantage of short-term perks
27:00 Final thoughts

Connect with Us:
LinkedIn:   / derekmazzarella  
Instagram:   / reels  
Facebook: https://www.facebook.com/people/Mille...


Reach out to Kelly Turner at [email protected] and Derek Mazzarella at [email protected]