Big tax law changes always bring big rumors. But before you assume Social Security is now tax-free or that you’re getting a $40K deduction just for breathing, let’s set the record straight on what this new bill didn’t actually do. This episode, David breaks down 6 of the most common myths floating around about the new “One Big Beautiful Bill Act.”
Here are the myths we discuss in today’s show:
Myth #1: “Social Security is no longer taxed.”
Myth #2: “This new law means tax cuts for everybody.”
Myth #3: “The tax brackets are permanent now, so I don’t need to worry.”
Myth #4: “A $15M estate tax exemption means estate planning doesn’t matter anymore.”
Myth #5: “Car loan interest is now fully deductible.”
Myth #6: “I can skip itemizing and still get a huge deduction for giving to charity.”
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