ilmscore | Trump Tax Bill: No Tax on Tips, Overtime Pay, MAGA Accounts & More

Trump Tax Bill: No Tax on Tips, Overtime Pay, MAGA Accounts & More

Published: 2025-05-15
Status: Available | Analyzed

Predictions from this Video

Total: 9
Correct: 6
Incorrect: 1
Pending: 2
Unrated: 0
Prediction
Topic
Status
Predicted that, under current law, the modified federal income tax bracket schedule and lower tax rates will expire after December 31, 2025, becoming effective from 2026.
"under current law, the modified federal income tax bracket schedule and lower tax rates will expire after December 31st of 2025."
Federal Income Tax Brackets
Correct
Predicted that if Congress does not renew the 2017 tax cuts, tax brackets will revert to higher original rates beginning in 2026.
"If Congress does not renew them, then the tax brackets, they're going to go back up to these rates, which I've outlined in red."
Federal Income Tax Brackets
Correct
Predicted that if Congress fails to renew the 2017 tax cuts, the standard deduction will decrease beginning in 2026.
"if the tax cuts don't renew, so in other words, if they don't pass this bill, then the standard deduction is going to decrease from this to this..."
Standard Deduction
Correct
Predicted that if President Trump's bill passes, the child tax credit will be raised to $2,500 per child from 2025 through 2028.
"this bill wants to raise the child tax credit from $2,000 per child to 2500 per child. So that would be in 2025 through 2028."
Child Tax Credit
Correct
Predicted that if President Trump's bill passes, a tax deduction for qualified tips will be available from 2025 through 2028.
"So you would be able to take a tax deduction for qualified tips... available from 2025 through 2028."
Tax Deduction for Tips
Correct
Predicted that if President Trump's bill passes, a tax deduction for the premium portion of overtime pay will be allowed from 2025 through 2028.
"This deduction is going to be allowed from 2025 through 2028."
Tax Deduction for Overtime Premium
Correct
Predicted that if President Trump's bill passes, a tax deduction for qualifying electric vehicles will be allowed from 2025 through 2028.
"this deduction is going to be allowed from 2025 through 2028."
Electric Vehicle Tax Deduction
Incorrect
Predicted that if President Trump's bill passes, MAGA account contribution caps will increase to $30,000 for married filing jointly and $15,000 for single filers, effective for tax year 2026 (filed in 2027).
"they want to increase the cap to $30,000 for married filing jointly and $15,000 for single filers. And this would begin after December 31st of 2025. So we're talking about tax year 2026, which you would file in 2027."
MAGA Account Contribution Caps
Pending
Predicted that the tax plan will slash Medicaid more than it ever has been slashed before.
"It's slashing Medicaid more than it ever has been slashed before."
Medicaid Funding
Pending