Passage Achieved

We have all been waiting for it essentially since Trump was elected in November and then last week it finally happened – a Big, Beautiful Bill has made its way into law. With such a wait, it shouldn’t be surprising that we started getting some questions from clients immediately about what it means.

And on one level, this is great. People should be interested in how big things affect their lives – especially when they are ones that you could potentially turn to your advantage.

On another level, though, we still must advise using some caution because exactly what everything is going to look like is not quite certain. When the Tax Cuts and Jobs Act was passed in the first Trump administration, it represented a large shift but exactly how it would be reflected on a tax return still took some time to be fleshed out. Then during the pandemic, stimulus payments became big quickly but all the answers as to how those would look long-term were also not immediately apparent.

Because of their size, big changes take time to appreciate everything they bring.

My advice for now is to make yourself generally knowledgeable about what was included in the Bill. And this is for everyone, no matter what side of the political spectrum you are on or how much you think you already know about the bill.

To start, it’s huge. The Big moniker is not a lie. There are probably some things in it that you are not aware of. These things may not affect your life, but it is still worth a look.

If you do this, I would even wager that you will find something in the bill that you like that you didn’t know was there. Again, it covers a lot of areas in a lot of different ways, and they don’t all fit in one news story, so some may be surprising. Of course, this also means you are going to find things that you do not agree with. Either way, it’s good to know.

And we will remain with you as we continue this journey – it is just also going to be a big one. As such, we can’t go from beginning to end in one moment, but we have taken a big step on the way. So as guidance from the IRS is released, we will continue to keep you posted.

Warmly,

Josh Bousquet
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