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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

Big Beautiful Bill Act: Major Tax Law Changes That Could Impact Your Finances

  • Writer: Tim Hilterman
    Tim Hilterman
  • Jul 5
  • 3 min read

It’s official: the Big Beautiful Bill Act has been signed into law.


While the name might make you smile, this legislation brings serious and sweeping changes to the tax landscape—changes that could significantly affect your financial life. As your financial partner, I want to make sure you understand what’s changed, what’s stayed the same, and how to prepare going forward.


Here are four major updates you need to know about today.


1. Tax Brackets Made Permanent

One of the biggest wins for taxpayers is the permanent extension of the Tax Cuts and Jobs Act (TCJA) income tax brackets.


Before TCJA, tax brackets increased much more steeply—starting at 10% and quickly climbing to 15%, 25%, 28%, all the way up to 39.6%. Since the TCJA, the brackets have been more favorable: 10%, 12%, 22%, 24%, up to a max of 37%. Without action, these brackets were set to expire, potentially increasing taxes for most Americans.


Thanks to the new legislation, these lower brackets are now permanent.


To put that in perspective:

  • A couple earning $100,000 would have paid $2,428 more in federal taxes.

  • A couple earning $200,000 would have owed $17,006 more.


This change alone represents a meaningful win for working families and retirees alike.


2. Standard Deduction Increases and Senior Bonus

The Big Beautiful Bill Act does two things regarding standard deductions:

  • First, it makes the TCJA standard deduction levels permanent, and

  • Second, it increases them further, starting in 2025.

Here’s the breakdown:

Filing Status

Previous Deduction

New Deduction (2025)

Single

$15,000

$15,750

Married Joint

$30,000

$31,500

These amounts will also continue to adjust for inflation in future years.


Bonus Deduction for Seniors

From 2025 through 2028, seniors aged 65 and over will receive an additional $6,000 per person. That means a married couple over age 65 will be able to deduct $43,500 before owing any federal income tax.


This provision echoes a long-standing promise to make Social Security income-tax-free for seniors and provides significant tax relief in retirement.


3. Child Tax Credit Permanently Increased

One of the most widely used credits—the Child Tax Credit—gets a permanent boost.

Previously:

  • Pre-TCJA: $1,000 per child under 17

  • TCJA: Increased to $2,000

  • Big Beautiful Bill Act: $2,200 per child, indexed for inflation starting in 2025


This means families with young children will receive more support, year after year, with automatic cost-of-living increases built in.


4. SALT Deduction Cap Temporarily Lifted

The TCJA introduced a controversial cap on State and Local Tax (SALT) deductions, limiting taxpayers to a $10,000 deduction—regardless of what they actually paid.

This hit residents in high-tax states the hardest.

Under the new law:

  • The SALT cap will be temporarily lifted to $40,000 starting in 2025.

  • However, this deduction will begin to phase out for those earning over $500,000.


What About Pass-Through Businesses?

The bill preserves the popular SALT cap workaround for pass-through businesses. This allows business owners to deduct state taxes at the entity level—a crucial planning tool that remains intact.


What Comes Next?

This is just the beginning. The Big Beautiful Bill Act encompasses a comprehensive list of changes, and I’ll be releasing additional resources to help you understand its implications for your personal finances.


In fact, I’m hosting a webinar on Monday, July 21st at 4 pm ET with Kage Rush, CPA, and our CFO, to dive deeper into these changes. We’ll unpack strategies you can apply right now and answer your questions live.


👉 Register now at whitakerwealth.com. Just scroll down to find the registration link.


Stay Informed, Stay Empowered

We recognize that staying ahead of tax law changes is crucial to achieving long-term financial stability. That’s why we’re committed to helping you every step of the way.


If you found this information helpful, feel free to share it with friends or family. And as always, if you have a specific financial question, don’t hesitate to reach out.


Together, we can navigate these changes and keep your financial journey on track.

Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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