Part 6/11:
- Tax Reductions: The "One Big Beautiful Bill Act" enacts substantial tax cuts, aiming to stimulate economic growth but risking further deficits.
This combination is expected to increase the national debt by another $3 trillion over the next decade, complicating long-term fiscal management.
Practical Impacts of the New Tax Laws: What Individuals and Businesses Need to Know
The legislative reforms introduce several notable changes for taxpayers and business owners:
For Individuals:
- Deductible Car Loan Interest: From 2025 to 2028, interest paid on car loans may be deducted up to $10,000, provided the vehicle is financed and meets certain criteria (made in the U.S., under specific income thresholds).