Welcome everyone to the Main Street Business Podcast. This is Matt Sorensen. In today's special episode, I'm going over the big, beautiful bill. This is President Trump's landmark legislation that was just signed into law on July 4th. Now, in today's special episode, I go over the final bill, which was the Senate bill that later, a day or two later, passed in the House and was just signed into law by President Trump on July 4th.

There's a lot of tax breaks in here for individuals and small business owners.

I detail what is in and what's out in this final legislation.

Please enjoy.

The Senate just passed the tax legislation. This is the big, beautiful bill we've been talking about. It's been all over the news, but it is now past the Senate. It has already passed the House. It'll be awaiting Trump's signature. Now, in today's video, I'm going to break down what's in the bill. I'm specifically focused on the tax deductions. There's a lot of other issues and things happening in the bill. Not what I'm doing in today's video. I'm going to talk about the tax benefits and the tax perks in the bill for you as an individual or as a small business owner. Next, I'm going to go over the process and what to expect next. There's a couple steps that are going to be necessary along the way. There could be some derailments here. Likely this thing is going to sell through, but there are some issues that still need to be resolved. And then I'm going to go over what goes into effect in 2025. There are a number of provisions that go into effect in 2025. And there's other provisions that go into effect in 2026. So it's important to know what's going to matter on this year's tax return

versus what's going to be mattering in the future. Now, I want to go over a couple important notes

at the beginning here. First, there was tax reform nine years ago. What happened tax reform nine

years ago is there are a number of provisions that are set to expire. For example, lower individual

rates, doubling of the standard deduction,

QBI, small business deduction. Those things are all going away. This is the last year of those

big tax breaks that came about nine years ago. However, this legislation is extending many of those,

improving some of them, reducing others, and adding things in.

All right?

So we're going to be going over all of that.

Now, the key thing you need to know here is there was a prior House bill.

It's very similar to this bill that just passed the Senate.

But this bill that passed the Senate has had a number of changes just in the last few days

alone.

It passed this morning, 51 to 50. The vice president, J.D. Vance, had to vote on this bill for it to pass the Senate, but it was passed, and this is now going to be signed by President Trump. Now, I'm going to go over some things that's silly to happen. President Trump said he wants to sign this by the 4th of July. And even today, he just said, I don't, not sure I'll be able to sign it by the 4th of July because there's still some procedural things and a vote that needs to happen in the house as well. All right, let's break through the provisions that are going to go over and save you money as an individual first. And I want to talk about any of you who are small business owners or real estate investors. There's a number of provisions that are super beneficial to you as well. But let's hit the individual ones because those apply to everybody. And this is the Senate bill. What you've heard about the House bill, by the way, doesn't matter. The Senate bill is going to control. This thing's going to go right back to the House where they're going to have to vote on this.

So the Senate bill is what's going to be critical here. All right. First, individual rates. Individual rates are going down for everybody. Two to three percent. I don't care if you're low income, middle income, high income tax bracket. Your rate is going to be two to three percent less because of this bill. Now, this provision

is in effect in 2026. We already have the lower rate still for 2025 that are going to expire.

Everyone's bumping up next year. For example, let's say you're in a 12% tax bracket right now.

...