'One big, beautiful bill' plans to make that even better in 2025Here's a breakdown of exactly what's in Trump's tax plan:— Mitchell Baldridge (@baldridgecpa) January 12, 2025
'One big, beautiful bill' plans to make that even better in 2025Here's a breakdown of exactly what's in Trump's tax plan:
Major individual benefits -- Keep lower tax brackets- Kill SALT cap of $10k (huge in high tax states like CA, NY)- Estate tax exemption stays at $13.99M- Zero tax on Social Security benefits- No tax on tips!— Mitchell Baldridge (@baldridgecpa) January 12, 2025
Major individual benefits -- Keep lower tax brackets- Kill SALT cap of $10k (huge in high tax states like CA, NY)- Estate tax exemption stays at $13.99M- Zero tax on Social Security benefits- No tax on tips!
Timing matters -Speaker Johnson wants this passed by APRIL through reconciliation. That means big decisions are coming fast.However, Kiplinger's says these changes start in 2025/2026 after the natural phase out of TCJA, and will not be retroactive to 2024.We'll see!— Mitchell Baldridge (@baldridgecpa) January 12, 2025
Timing matters -Speaker Johnson wants this passed by APRIL through reconciliation. That means big decisions are coming fast.However, Kiplinger's says these changes start in 2025/2026 after the natural phase out of TCJA, and will not be retroactive to 2024.We'll see!