How does the OBBB affect you?

7,021 Views | 74 Replies | Last: 1 mo ago by jamey
Marsh
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:36a, 7/4/25
AG
Not looking to get into a political argument, since the bill already passed. There's also more than enough discourse on the politics board.

I'm curious how the bill has an effect on your life. Either personally, business-related, or otherwise.

Try to provide a source, if you can, so we can read about it in more detail, if we want. I've plugged a couple things into AI but always curious how it affects people in different walks of life.
Reply Quote
1
1 edit
Marsh
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:42a, 7/4/25
AG
I think one of the most interesting things that was snuck into the bill at the last minute is in regards to gambling.

From chatgpt

"
Losses deduction capped at 90%: Under current tax rules, bettors can fully offset gambling winnings with equivalent losses. The new bill limits that offset to 90% of losses.

Example: If you win $100,000 and lose $100,000, you'd normally owe zero taxbut under the bill, you can only deduct $90,000 in losses, leaving $10,000 taxable income.

Even if your net is negative (e.g. win $200,000, lose $210,000), you'd still owe tax on $11,000 ($200k - $189k)
"

Source: https://www.espn.com/sports-betting/story/_/id/45662537/big-beautiful-bill-raises-alarm-betting-community

Doesn't necessarily affect me directly but, with how rampant sports betting has become, I'd be surprised if it doesn't affect some on here.
Reply Quote
3
1 edit
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:05a, 7/4/25
AG
None of us will have to take a tax increase so that impacts all of us that pay taxes. (I guess unless you are a gambler.)

Reply Quote
3
HECUBUS
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:48a, 7/4/25
AG
Cost of living increases through tariff taxation and massive dollar devaluation. All will be undone long before we start SS or draining IRAs. Trump is a worst case scenario for fiscally responsible recently retired. Will look at changing strategy, maybe converting more IRA to Roth before the next band of grifters raises income tax to pay for this clown show. There's always some way to minimize the damage from the grift de jour. Not sure what that might be today though.

Hopefully all the Trumpers understand I dislike all grifters equally and I'm not picking on their Don. How anyone can be a fan of any politician is beyond me.
Reply Quote
24
2 edits
TriAg2010
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:03p, 7/4/25
AG
The gambling provision is a shame. Zero percent of gambling losses should be tax deductible.
Reply Quote
15
Dr. Doctor
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:39p, 7/4/25
AG
I'm looking forward to my wife losing her job, since she's mental health dealing with Medicare and Medicaid populations.

So i have that going for me. Oh and a special needs kid in school that'll be fun this year.

~egon
Reply Quote
6
FriendlyAg
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:58p, 7/4/25
Bonus depreciation, OZ renewal (and expansion), and QBI increase help real estate businesses.

Salt increase helps personally.
Reply Quote
MaroonStain
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to TriAg2010 • 3:36p, 7/4/25
AG
TriAg2010 said:
The gambling provision is a shame. Zero percent of gambling losses should be tax deductible.


Gambling loss $$$ can only offset gambling win $$$ not affect overall AGI.
Reply Quote
11
MaroonStain
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Marsh • 3:48p, 7/4/25
AG
That loss scenario sounds retreaded. I'll wait til the dust settles on OBBB and actual IRL situations rather than Doug Greenberg article.
Reply Quote
Brother Shamus
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to TriAg2010 • 3:53p, 7/4/25
TriAg2010 said:
The gambling provision is a shame. Zero percent of gambling losses should be tax deductible.


And zero percent of gambling winnings should be taxable, statist.

Government gets another free ride, as usual.
Reply Quote
9
permabull
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:27p, 7/4/25
AG
$1500 more standard deduction for MFJ

$2000 above the line tax deduction for cash gifts to 501(c)(3)

That's all I see for me besides the current tax brackets staying
Reply Quote
permabull
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to MaroonStain • 4:28p, 7/4/25
AG
MaroonStain said:
TriAg2010 said:
The gambling provision is a shame. Zero percent of gambling losses should be tax deductible.


Gambling loss $$$ can only offset gambling win $$$ not affect overall AGI.


I also think you have to itemize to write any of it off.
Reply Quote
ktownag08
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:09p, 7/4/25
AG
Just extension of tax brackets for us.

No benefit from SALT cap lift, tax on tips, child credit increase, or any of the other goodies for folks.

I was hoping for something more out of it on a personal level, but we're fine.

Market is ripping and border will be more secure.

Reply Quote
4
stonksock
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:31p, 7/5/25
Making all Obamacare Bronze plans HSA eligible is a pretty big one for me. I'll be able to switch to a low deductible plan with copays and still contribute to my HSA.
Reply Quote
2
jamey
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:40p, 7/5/25
AG
Low deductible plans simply budgets most of the extra garunteed cost over 12 months.

We hit max out of pocket every year but still use a high deductible plans and budget on our own.

For those that can budget on their own, a low deductible plans doesn't really offer anything other than garunteed high costs spread over time. If you dont hit your max you just garuntee lose that money
Reply Quote
2
2 edits
stonksock
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to jamey • 1:50p, 7/5/25
There is only 2 plans in my area that were HSA eligible but the same provider has a plan that is 6% cheaper and has a copay for doctors and urgent care plus free tele a health in the bronze tier that will be HSA eligible next year. You are correct the max out of pocket is higher but I am lucky enough to only go to the doctor once or twice a year so I'll likely roll the dice with the cheaper plan and then switch back if I become chronically I'll since it will save me money every year vs what I have now.

I'll get value from the monthly premium savings and cheaper doctor visits with slight risk of I hit the deductible. I'll just roll the monthly savings into the HSA.
Reply Quote
1 edit
jamey
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to stonksock • 1:55p, 7/5/25
AG
My wife is chronically ill, but all in total cost including co-pays up to max out of pocket doesn't change whether it's high or low deductible

Its just spread over 12 months and the low deductible basically assumes max cost even when you dont need it

Its just a budgeting tool. With a high deductible we pay up to max out of pocket by March or so each year
Reply Quote
1
2 edits
Tim Weaver
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:28p, 7/5/25
If you were invested in the "EV" space like rare earth mineral mining or recycling, these areas just took a hit.

Loss of incentives for EV's means the demand will be down. Also plenty of startups had their entire business plans modeled for the EV credits for pricing.

Domestic mining of battery minerals is losing a 10% tax credit.

Couple the loss of the tax credit for mining on US soil with a lower demand for EV's equals a lot of stagnation. I also bet most of these mining companies will ramp up mining in other countries and sell their product to mostly China.
Reply Quote
jamey
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Tim Weaver • 2:43p, 7/5/25
AG
Tim Weaver said:
If you were invested in the "EV" space like rare earth mineral mining or recycling, these areas just took a hit.

Loss of incentives for EV's means the demand will be down. Also plenty of startups had their entire business plans modeled for the EV credits for pricing.

Domestic mining of battery minerals is losing a 10% tax credit.

Couple the loss of the tax credit for mining on US soil with a lower demand for EV's equals a lot of stagnation. I also bet most of these mining companies will ramp up mining in other countries and sell their product to mostly China.


Doesn't it impact solar and wind also, which could impact AI if the energy needs are what people are saying

China has building up its energy capacity

Obviously Nuclear would be better but takes years
Reply Quote
1
1 edit
YouBet
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:43p, 7/5/25
AG
For those of you with 529s, your list of expenses that you can withdrawal tax-free has greatly expanded and you can now pay for trade school and certifications with it. Thus, it's not limited to traditional academia anymore.
Reply Quote
16
themissinglink
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:09p, 7/5/25
AG
As someone that lives is a blue state with a significant income tax, raising the SALT cap to $40k will certainly push me over the standard deduction.

It's horrible tax policy, but I'll take my handout.
Reply Quote
2
Proposition Joe
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:20p, 7/5/25
The gambling tax will hopefully get reversed in a followup bill.

It is a straight up hypocritical money grab.

That being in the bill is one of the best indicators of just how much absolute crap gets thrown into these things that no one even bothers to logically asses. If I win $500,000 gambling and lose $500,000 gambling, why on earth would I be required to pay taxes on $50,000 in phantom winnings?
Reply Quote
1
1 edit
Tim Weaver
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to jamey • 3:31p, 7/5/25
Yes. Incentives for solar and wind are taken away too.

Nuclear power has been given a bit of a green light, but will take tears to decades to start making a major contribution to the energy needs of the US.

The AI stuff in the bill is confusing. On one hand AI has been set back by some of these provisions, and set free by others.

I still can't make heads or tails of the conflicting new rules and regs for AI.
Reply Quote
themissinglink
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:01p, 7/5/25
AG
For those of you expanding the family in the next few years, it's worth looking into a "Trump account" for your children born 2025-2028. The Feds are funding the first $1k.

My understanding is funds must be used for either secondary education, starting a business, or downpayment for first homes. After 30, can be withdrawn without penalty.

The funds are tax-deferred, but you do pay long term capital gains taxes on all valid withdrawals (ordinary income if withdrawal for other purposes).

I think 529s are probably a better college savings vehicle and the "Trump account" tax benefits are minimal, but take advantage of the free $1k handout.
Reply Quote
4
jamey
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Tim Weaver • 5:33p, 7/5/25
AG
Tim Weaver said:
Yes. Incentives for solar and wind are taken away too.

Nuclear power has been given a bit of a green light, but will take tears to decades to start making a major contribution to the energy needs of the US.

The AI stuff in the bill is confusing. On one hand AI has been set back by some of these provisions, and set free by others.

I still can't make heads or tails of the conflicting new rules and regs for AI.


I wonder what that does to us in the AI race near term considering nuclear is long term
Reply Quote
ktownag08
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:00p, 7/5/25
AG
Complicates it as fastest route to new generation deployment is wind and solar at the moment even with "fast-tracked" permitting.
Reply Quote
aggiesherpa
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Proposition Joe • 7:56p, 7/5/25
AG
I'm surprised the casino lobby let that get into the bill.
Reply Quote
Brian Earl Spilner
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to MaroonStain • 9:45a, 7/6/25
AG
MaroonStain said:
TriAg2010 said:
The gambling provision is a shame. Zero percent of gambling losses should be tax deductible.


Gambling loss $$$ can only offset gambling win $$$ not affect overall AGI.


But only if you itemize.
Reply Quote
Gordo14
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:48a, 7/6/25
I get both new tax benefits and an extension of tax cuts. I think it's probably bad for America and I think that's more important (even to my personal wealth) than my effective tax rate. Not a big fan of the bill, but at least I get a lot of benefits out of it.

I'm yearning for a politics that has a vision and strategy instead of one that just leans into memes and reductive policy at all costs.
Reply Quote
1
1 edit
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:28p, 7/6/25
AG
Mortgage is going continue to be at where we are now or higher in the next few years. The bond buyers will not view the massive debt being forced into their market favorably. If I'm beting in Vegas that rates go up or down I'd bet up.

That puts additional pressure on the housing market. Affordability is already at decade lows.
Reply Quote
Ag CPA
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:04p, 7/6/25
AG
SALT will help because now I will probably double down on property tax payments and itemize every other year, otherwise not much there on a personal level.
Reply Quote
1
1 edit
BenTheGoodAg
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Ag CPA • 2:13p, 7/6/25
AG
Same here. I've used deduction bunching every other year for a while, but it'll be a nice extra bump with the SALT increase.
Reply Quote
1
dreyOO
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to YouBet • 4:27p, 7/6/25
YouBet said:
For those of you with 529s, your list of expenses that you can withdrawal tax-free has greatly expanded and you can now pay for trade school and certifications with it. Thus, it's not limited to traditional academia anymore.
That's nice. I'm almost worried I'd overfunded, but this should be nice.

Also, we're buying a Toyota assembled in San Antonio. Normally, I'd just go cash, but I think we'll finance a portion (to write it off) while keeping more cash in savings or invested.
Reply Quote
1
Mas89
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to FriendlyAg • 5:00p, 7/6/25
AG
FriendlyAg said:
Bonus depreciation, OZ renewal (and expansion), and QBI increase help real estate businesses.

Salt increase helps personally.
Will this be for 2025 tax year?

ETA if you have long term capital gains in 2025, how much bonus depreciation will be available in 2025?
Reply Quote
1 edit
harge57
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:21p, 7/6/25
AG
I think if the tax cuts were not extended i would have been paying like 16k more according to some calculator I used.
Reply Quote
1
Last Page
Page 1 of 3 ▼
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.