The bill is passed and signed. What it means for you is less tax and more money. See below for the most valuable aspects. Use the extra savings to get yourself to financial freedom.
No tax on Social Security benefits
More money for you with a standard deduction boost ($6,000 for singles, $12,000 for couples 65+) through 2028
Zero tax on tips and overtime pay
Again, more money for you! Up to $25,000 in tips per person (or $50,000 per couple), plus up to $12,500 per person in overtime pay, is now tax‑free
Higher standard deductions – including an extra boost for seniors
Owe less in taxes. Standard deductions increase to $15,750 (single), $23,625 (head of household), or $31,500 (married filing jointly). Seniors get an additional $6,000, so a senior couple could deduct up to $46,700
Bigger Child Tax Credit
Families with kids. A bigger credit which will lead to less tax. The credit is now locked in at $2,200 per child.
A Baby Bonus for your new kids
A $1,000 “baby investment account” is created for each newborn between 2025 and 2028
More info avaliable on Whitehouse.gov
