Big Beautiful Bill Myths Debunked

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.”

From estate tax confusion to misleading headlines about auto loan interest, we explain what’s real, what’s exaggerated, and what’s flat-out wrong. You’ll also learn which changes expire in a few years and who actually benefits from these adjustments. If you’re planning around this legislation, make sure your decisions are based on the facts!

Here’s some of what we discuss in this episode:



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.”