BREAKING: Trump’s "Big, Beautiful Tax Bill" Just Passed (These Changes Are WILD!)
Published: 2025-05-27
Status:
Available
|
Analyzed
Published: 2025-05-27
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 16
Prediction
Topic
Status
Congress is expected to pass a new tax plan in the coming weeks.
"in the next few weeks, Congress is expected to pass through a brand new tax plan with some rather unbelievable opportunities"
Incorrect
A new tax plan may eliminate taxes on tips for eligible individuals.
"you could get no tax on tips"
Incorrect
A new tax plan may offer a $1,000 credit for every child.
"$1,000 for every child"
Incorrect
A new tax plan could increase state and local tax deductions to $40,000.
"$40,000 tax breaks for state and local tax deductions"
Incorrect
A provision in the new tax plan aims to make tips tax-free under specific conditions.
"No tax on tips."
Incorrect
The tax-free benefit for tips is capped at $25,000 per individual.
"the maximum you could claim is $25,000. So, anything beyond this is not taxfree."
Incorrect
The new tax plan includes provisions for tax-free overtime pay.
"No tax on overtime pay."
Incorrect
The tax-free overtime provision is expected to be in effect for income earned between 2025 and 2028.
"this would apply to all income made between 2025 and 2028, assuming you have a valid Social Security number."
Correct
The proposed increase in state and local tax deductions to $40,000 is contingent on an adjusted gross income below $500,000.
"this new bill would increase the state and local tax deductions to $40,000, but only if your adjusted gross income doesn't exceed $500,000 a year."
Incorrect
Interest on personal car loans for US-made vehicles may be deductible up to $10,000 annually from 2025 to 2028.
"you would be able to deduct the interest paid on a personal used vehicle up to $10,000 a year for tax years 2025 through 2028 on top of the standard deduction, but only if the car is made in the United States."
Incorrect
The deduction for personal car loan interest phases out for individuals earning over $100,000 (single) or $200,000 (married) annually.
"this deduction begins to phase out once you make more than $100,000 a year single or $200,000 a year married, with the deduction being reduced by $200 for every $1,000 you make above that limit."
Incorrect
The $7,500 clean vehicle tax credit is scheduled to be eliminated soon.
"this is going away very soon. And that would be eliminating the $7,500 clean vehicle tax credit."
Incorrect
The clean vehicle tax credit is expected to end by 2026.
"it does look as though this is going to come to an end by 2026."
Incorrect
A new policy allows for a $1,000 credit per child.
"$1,000 for every child"
Incorrect
Children born between 2025 and 2028 in the US will receive a $1,000 IRS-funded tax credit for investment.
"Eligible children born 2025 through 2028 in the United States with a valid social security number will receive a one-time tax credit of $1,000 funded by the IRS into an account that could then be invested."
Incorrect
The Tax Cuts and Jobs Act, set to expire at the end of 2025, is expected to be extended.
"extending the Tax Cuts and Jobs Act."
Correct
The extension of the Tax Cuts and Jobs Act will maintain the top tax bracket at 37%, down from 39.6%.
"the top tax bracket is going to remain at 37% versus the previous 39.6%."
Correct
The extension of the Tax Cuts and Jobs Act will continue to offer a 20% pass-through deduction for LLC and corporation owners.
"this initially provided a 20% pass through deduction for business owners who operated an LLC or a corporation."
Correct
The extension of the Tax Cuts and Jobs Act will double the estate tax exemption.
"It doubled the estate tax exemption"
Incorrect
The extension of the Tax Cuts and Jobs Act will allow for 100% bonus depreciation in the first year for business assets.
"allowed 100% bonus depreciation in the first year for business use."
Correct
The proposed tax plan will not eliminate taxes on Social Security income.
"No tax on social security income. That's right. I know this was a popular one, but they decided not to include it"
Correct
Individuals collecting Social Security will receive an additional $4,000 to their standard deduction, with phase-outs for higher earners.
"they simply added $4,000 to the standard deduction for those collecting Social Security, phasing out above $75,000 a year if you're single or $150,000 a year if you're married."
Incorrect
The new tax bill is considered beneficial for individuals earning under $150,000 (single) or $300,000 (married) with cash tips or overtime, and particularly advantageous for self-employed business owners due to bonus depreciation.
"if you make under $150,000 single or $300,000 married, and you make cash tips or work overtime, this bill is pretty good. If you're a self-employed business owner, this bill is even better because you could potentially pay no taxes whatsoever with bonus depreciation."
Pending
The final version of the tax plan may undergo further modifications before being passed.
"there are still a few final changes that will likely occur before this gets passed."
Correct
The final tax legislation is expected to differ from the current proposal, potentially including reductions to the fiscal deficit.
"the final version will be slightly different from what we see here with further clarification and dare I say it, some reductions from the overall fiscal deficit."
Correct