💸 The Big Beautiful Bill: What It Means for Your Wallet (and Maybe Your Blood Pressure)

So, Congress passed the “One Big Beautiful Bill.” It’s big. It’s bold. And depending on your tax bracket, it’s either a high five or a slight middle finger. 🤷

Let’s break it down the Taxish way—because reading tax policy shouldn’t feel like chewing drywall.

💼 Tax Cuts: Still Here, Still Skewed

The 2017 tax cuts? They're back, baby—permanently. That means the top 1% keep their buffet of breaks while the middle class gets…a nice side salad.

Breakdown:

• Top 20% get 72% of the total tax benefits.

• Top 1%? They scoop up over 20% alone.

• Middle-income earners (making ~$53K–$92K) will save around $1,510/year. Yay?

🍬 New Deductions: Some Candy for the Rest of Us

Because nothing says "populist reform" like temporary goodies:

• Tips, overtime, and car loan interest: Now deductible (for a while). So if you work long hours or drive a rusty Civic, congrats—you finally made it onto the invite list.

  • Note: The final version of the bill only excludes up to $25k of tip income, and it can only be claimed by a person whose occupation traditionally receives tips (waitstaff, bartenders, beauty service providers, etc)!

• Standard deduction: Bigger and better. You'll feel it… marginally.

• SALT cap: Lifted to $40K. But if you’re not paying five figures in state taxes, keep scrolling.

• $6,000 Senior Deduction: A little love for the gray-haired crowd, if they remember to claim it.

👶 Families: A Little More Help, But Read the Fine Print

• Child Tax Credit: Expanded again. Parents, you might see an extra $500–$1,000 per kid. (Don’t spend it all on Roblox coins.)

• But here’s the kicker: These boosts phase out for higher earners—though not nearly fast enough to make it “equal.”

🏥 Medicaid & Social Programs: Guess Who’s Paying for the Cuts?

Short answer: Not the wealthy.

• The bill claws back billions from Medicaid and SNAP, while giving high earners more ways to shelter income.

• It’s like Robin Hood in reverse—with a marketing team.

🏁 The Bottom Line:

This bill is a buffet—but who gets full depends on how much you already had on your plate. Middle-class families get a little nibble, high earners walk away with a doggie bag full of perks, and safety net programs foot the bill. As with most things tax-related, there are special limitations, exclusions, and qualifications for every credit, deduction, and exemption, so don’t get too excited from flashy headlines and read the fine print (or work with a seasoned tax pro who does that for you)!

Taxish Takeaway? If you're wondering how this affects you—you’re not alone. Want to make the most of what’s still on the table? Let’s talk strategy. At Taxish, we’ll translate this mess into a game plan that works for your actual life. No smoke. No mirrors. Just real tax help without the fluff.