"If you pay too much money in taxes, they don't say anything. But if you don't pay enough money in taxes, you get fined."
President Trump's One Big Beautiful Bill Act is the largest tax cut in U.S. history. It lowered marginal income tax rates across every bracket, raised the standard deduction above 2025 levels, and introduced several provisions the media largely overlooked. For most Americans the result is a lower tax bill, but only if they know what to claim.
Jaspreet Singh breaks down exactly how the new tax brackets and standard deductions compare to what they would have been without the bill, then walks through five specific provisions that could reduce what you owe even further.
In this episode, you'll learn:
- How the new tax brackets compare to both 2025 rates and what rates would have reverted to without the bill with the top rate dropping from 39.6% to 37% and mid-bracket rates falling from 25% to 22% and 28% to 24%
- The SALT cap increase from $10,000 to $40,000 for state, local, and property taxes. Giving homeowners in high-tax states like California, New York, and New Jersey the ability to itemize beyond the standard deduction for the first time in years
- The senior bonus ($6,000 additional deduction for those over 65 earning under $75,000 single or $150,000 married) and the Roth 401k catch-up rule requiring high earners over 50 to route catch-up contributions through a Roth rather than a traditional 401k
- No taxes on tips (up to $25,000) and no taxes on overtime income (up to $12,500 single / $25,000 married) both available through 2028 for workers earning under $150,000 single or $300,000 married filing jointly
Keywords: Trump tax cuts, One Big Beautiful Bill, 2026 tax brackets, SALT deduction, no tax on tips, no tax on overtime, Roth 401k, senior tax deduction, standard deduction, tax strategy
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