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TRUMP TAX PLAN PASSED THE HOUSE: WHAT’S INSIDE
Note: Details may change, consult a CPA for your own situation. This is not yet finalized into law. 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’
Three: You canno’t be a “high compensated employee,” meaning – you must have an income below $150,000 / year single.
Four: The Tip Must Be Considered ‘Cash Payment’
Five: 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.
Two: You must make under $150,000 per year
Three: This would apply from 2025-2028, if passed in its current form, for those with valid SSN.
Four: Unclear if this is for the entire amount of overtime, or just the 50% bonus.
-The SALT Deduction
This new bill proposes increasing the state and local tax deductions to $40,000, but only if your adjusted gross income doesn’t exceed $500,000 per year (otherwise, the original limit of $10,000 would apply).
-Deducting Interest On Personal Car Loans
This bill proposes deducting 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.
-The $1000 ‘Trump Account’
This bill would give all children born in the USA with a valid SSN 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 if this continues, the top tax bracket will remain at 37%, versus the previous 39.6%. This would also renew bonus deprecation, pass through deductions, and much more.
-No Tax On Social Security (Kind Of)
This bill adds a $4000 standard deduction for those collecting social security, phasing out above $75,000 per year if single or $150,000 per year if married.
Even though this has passed the House (and, it currently sits in the Senate where Republicans have majority), we’re still likely going to see some further changes before it’s signed into law, because it’s expected to add Trillions to the Federal Deficit.
Basically, take this video as your blueprint for what they want to happen – but expect that the finalized version (likely in the next month or two) will be slightly different from what we see today.
Timestamps:
00:00 – Trump Tax Plan Passed The House
01:12 – No Tax On Tips
03:10 – No Tax On Overtime
04:34 – The SALT Deduction Increase
07:33 – $10,000 Car Loan Deductions
09:08 – Ending $7500 EV Tax Credits
09:50 – Free $1000 Trump Account
11:47 – Extending Major Tax Cuts
12:54 – No Tax on Social Security
13:41 – Chances Of Passing Into Law
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