Trump's Big Beautiful Bill Passes -- What it means for you

Congress has officially passed President Trump's $4.5 trillion "Big Beautiful Bill," anticipated to be signed into law as soon as today. Here's a clear breakdown of what homeowners and economic markets can expect:

Homeowner Highlights:

Significant SALT Cap Increase: The bill will increase the cap on the State and Local Tax (SALT) deduction from $10,000 up to $40,000. This provides meaningful financial relief to homeowners, especially those residing in high-tax states like California. Higher-income homeowners or those with elevated property and state income taxes will benefit substantially, potentially saving thousands of dollars annually. It's essential for homeowners to assess their 2025 tax plans promptly, as this could significantly impact your deductions and overall financial outlook.

Solar Incentives Reduction: Federal tax credits for home solar installations will be eliminated, this means the cost of adding solar panels will be higher and increase the value of homes that already have solar or other energy saving installations.

Economic & Market Impacts:

Enhanced Personal Tax Breaks: Tips and overtime pay might become tax-free, and child tax credits could increase, resulting in tangible benefits for lower and middle-income households.

Deficit and Debt Growth: The Congressional Budget Office (CBO) projects up to $2.8 trillion in additional debt over the next decade, with an estimated 11 million people potentially losing health insurance coverage.

Safety Net Reductions: Proposed cuts to Medicaid and SNAP funding, coupled with stricter work requirements, may significantly impact vulnerable populations.

Peregrine Recommendations:

• Review Tax Strategies: The raised SALT cap and new deductions necessitate revisiting your 2025 tax strategies for maximum benefits.

• Prepare for Market Volatility: Economic adjustments from increased federal debt and policy shifts could impact investments.

• Evaluate Health Coverage: Potential funding changes to Medicaid and ACA programs mean exploring alternative health coverage options may become necessary.

CONTACT US TODAY and Let's proactively review your tax situation and financial strategies to ensure you're well-positioned to navigate and benefit from these legislative changes.

You can also SCHEDULE A CALL at a time that works for you. Our team is uniquely positioned for these exact moments to help bring maximum value to our customers.