Hey, this is Matt Sorensen with the Main Street Business podcast. I wanted to share an update on the big, beautiful bill, what's happening in Congress.

The House bill passed a few weeks ago by one vote, and now the Senate bill is out. I'm going to go over the differences between the two bill, where there's benefits, pros and cons between the House and Senate, what the current status of the bill is.

They're planning to have this sign by July 4th. We'll see. Please enjoy my update.

Well, the Senate has released their tax bill this week, and there is a lot of provisions in

this that differ from the House bill. This is a critical piece of tax legislation. Make no

mistake, if nothing passes, everyone will be paying more in taxes in 2026. I'm going to break down the individual tax breaks. I'm going to go through seven different tax breaks, how they differ in the Senate versus the House bill. The House bill is better. Make no mistake. By the time we get through this, one of the major conclusions you're going to see is that the House bill is better than this Senate bill. So it's not great news, but the Senate bill is better than nothing. But also we're going to go through the small business deductions. So I'm going to go through some critical business deductions that affect you as a small business owner. Big corporations, I'm not going to address that in the bill, spending issues and other, I'm not going over that. I'm talking about tax cuts that affect you

next year on your tax return. And make no mistake, this is not about wealthy individuals, this is

not about big business, all this news you're hearing politically. I'm not talking about it. I'm talking

about what's going to affect everyday Americans making $100,000, $200,000 a year. How does this

affect you on your tax return? If nothing passes, you will be paying $2,000 to $200,000 a year. How does this affect you on your tax return? If nothing passes,

you will be paying $2,000 to $5,000 more in taxes in 2026 than you're paying right now.

So this bill is critical. It's going to affect you and it's going to be significant.

All right. Now, the first thing I want to make sure you understand is when Trump was first in office,

they packed tax reform that went into effect in 2016, 2017.

However, most of those provisions sunset.

This is the last year.

Those provisions are in effect.

So what that means is if nothing passes, all the tax hikes are going to go into effect.

All these tax cuts go away. So you're going to have

higher individual rates. You're not going to have a large child tax credit. You're going to have a

loss of standard deduction. There are so many things that everyday Americans are going to lose if nothing

passes. So this bill is really important. Now, let's dig into the individual items first. I'm going to go through seven. We're going to go through

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