June 30, 2025

The Big Beautiful Bill: Summer Tax Drama Unfolds

58 minutes

Annie and Roger break down the political maneuvering around the "big beautiful bill" extending the Tax Cuts and Jobs Act, explaining why seemingly simple provisions like no tax on tips and overtime could create major headaches for the 2026 filing season. They examine proposed IRS budget cuts of 37% and workforce reductions of 20% at the same time new tax complexities are being added. The hosts also celebrate the success of the 2025 filing season while questioning whether similar results are possible given the challenges ahead, including new Commissioner Billy Long's appointment and the ongoing uncertainty about when and what form the final legislation will take.

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(00:00) - Welcome to Federal Tax Updates

(02:14) - The Big Beautiful Bill: An Overview

(02:37) - Republican and Democrat Perspectives

(04:04) - Understanding Cuts and Dynamic Scoring

(06:10) - Medicare and Eligibility Changes

(08:23) - State and Local Tax Deduction Debate

(11:13) - House vs. Senate: Political Dynamics

(17:24) - New Proposals: Tips, Overtime, and More

(29:16) - Temporary Tax Law and Its Implications

(33:55) - Challenges with No Tax on Overtime

(39:34) - Successful 2025 Filing Season Recap

(44:45) - Proposed Budget Cuts and Their Impact

(51:44) - New IRS Leadership and Future Outlook

(56:43) - Conclusion and Future Updates

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Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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