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What You Need to Know About the One Big Beautiful Bill Act

As the political landscape continues to shift, legislation in Washington has the power to reshape economic, tax, and entitlement policy for years to come. On July 1, 2025, that became a reality: the One Big Beautiful Bill Act (OBBBA) was officially signed into law, marking one of the most sweeping federal reforms in decades. Whether you're a financial advisor helping clients navigate evolving tax rules or a firm leader anticipating economic ripple effects, understanding the law’s implications is essential. Here’s what’s in the law—and how it may impact your clients and business. Washington Update – July 4, 2025 After passing the House in May by a razor-thin margin (215–214–1), the bill cleared the Senate in early July with a 51–50 vote, with Vice President J.D. Vance casting the tie-breaking vote. Minor Senate amendments were quickly approved by the House, and the bill was signed into law shortly thereafter. The OBBBA is now the law, and its provisions will take effect over the coming months and years. Financial professionals and industry analysts alike are closely tracking its implications across taxes, entitlement programs, energy, and defense spending. Key Provisions Trump-era tax cuts become permanent: OBBBA locks in many provisions of the 2017 Tax Cuts and Jobs Act, including the exemption of tips and overtime from federal taxes. It raises the SALT deduction cap and adds a $1,000 “MAGA savings account” tax deduction per child. Significant spending on defense and border security: Roughly $150 billion is earmarked for defense (including drone and missile capabilities), and $70 billion is dedicated to immigration enforcement and deportation infrastructure. Rollbacks on green energy: More than $600 billion in clean energy tax credits from the Inflation Reduction Act will be phased out, a move projected to affect more than 120,000 clean energy jobs nationwide. Stricter welfare program requirements: The law imposes work requirements for Medicaid and SNAP recipients, potentially disqualifying 10–11 million Americans from health coverage. Debt ceiling increase: To fund these initiatives, the law increases the federal borrowing limit by $4–5 trillion. Other notable provisions: New taxes on large university endowments and outbound remittances, a 10-year federal ban on state-level AI regulation, elimination of the $200 suppressor tax, restrictions on the use of nationwide court injunctions. Fiscal & Social Impact National debt: The CBO projects the law could add $3.3 trillion to the national debt over the next 10 years. Healthcare coverage: Up to 11 million people may lose Medicaid coverage due to work requirements. Clean energy jobs: Over 120,000 jobs could be lost, especially in states like Texas and California. Energy costs: A decrease in clean energy investment could drive up long-term household utility bills. Supporters' view: Advocates say the reforms will stimulate economic growth, boost employment, and reduce the federal deficit by over $2 trillion through increased GDP and private-sector activity. Who Gains and Who Loses? Beneficiaries: High-income earners, oil and gas industries, defense and immigration enforcement contractors. Potential Losers: Medicaid and SNAP recipients, clean energy sector and workers, uninsured and low-income Americans. Final Thoughts One Big Beautiful Bill is more than just tax or spending reform—it’s a defining statement of the country's economic and social priorities heading into the 2026 midterms. For financial advisors, the takeaway is clear: This new law will shape client conversations around tax strategy, healthcare planning, charitable giving, and energy-related investments. Now more than ever, staying agile and informed is critical to serving clients with clarity and confidence. At Journey Strategic Wealth, we’re committed to helping advisors anticipate what’s next—and adapt. We’ll continue monitoring the law’s rollout and provide timely guidance to help you and your clients plan effectively in this new environment. This material is distributed for informational purposes only. Investment Advisory services offered through Journey Strategic Wealth, a registered investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). The views expressed are for informational purposes only and do not take into account any individual’s personal, financial, or tax considerations. Opinions expressed are subject to change without notice and are not intended as investment advice. Past performance is no guarantee of future results. Please see Journey Strategic Wealth’s Form ADV Part 2A and Form CRS for additional information. 

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Insights
From IRS Audits to Tariff Risks: How Advisors Can Guide Clients Through 2025 Transitions

As 2025 unfolds, financial advisors are facing a landscape of significant change—from the sunset of key provisions in the 2017 Tax Cuts and Jobs Act to evolving IRS enforcement priorities, trade policy shifts, and ongoing market volatility. For advisors, this isn’t just about staying informed—it’s about staying ahead. Clients will be looking to you for clarity, context, and confident guidance as these developments unfold. This update highlights what’s on the horizon and how you can begin preparing your clients—and your practice—for what’s next. Sunset Provisions Looming (2026): Many provisions from the 2017 Tax Cuts and Jobs Act are set to sunset after 2025, including: Reversion to prior individual income tax brackets Reduction of the standard deduction Return of personal exemptions Decrease in estate and gift tax exemption (from ~$13.6M to ~$6.8M per person) Potential cap changes to QBI deductions for pass-through entities You’ll want to encourage clients to review estate plans, Roth conversion strategies, and gifting plans while the higher thresholds are still in place. IRS Enforcement and Audit Risk IRS continues ramping up audits on high-income individuals and partnerships due to funding from the Inflation Reduction Act. Crypto reporting enforcement is slated for expansion in 2025, with new 1099-DA rules expected soon (though guidance is still being finalized). Ensure high-net-worth clients have strong documentation and tax planning, especially if they hold complex assets. Ongoing Implementation of  SECURE Act 2.0 2025 is a pivotal year for provisions, including: Higher catch-up contributions for those 60–63 (delayed to 2026 but still anticipated) Mandatory Roth catch-up contributions for high earners (delayed, but advisors should prep now) Automatic enrollment and portability rules for retirement plans are coming into sharper focus State-Level Tax Changes Noteworthy state tax shifts include: California: Push for wealth tax and changes to capital gains discussions New York: Adjustments to corporate and high-income tax brackets Arizona, Iowa, and others: Flat tax or lower income tax structures, phasing in For clients considering relocation or domicile changes, now’s the time to model the impact. Market Trends and Economic Signals Interest rates: The Fed has held rates steady, with possible cuts anticipated in late 2025 depending on inflation and employment trends. Election Year Volatility: Markets may experience swings as we approach November, which is a good time to remind clients about long-term positioning. Real Estate Watch: Residential and commercial markets are diverging, so opportunities in private credit and alternatives may become more compelling. Trump Tariff Overview In April 2025, President Trump enacted sweeping tariffs under the International Emergency Economic Powers Act (IEEPA), introducing a 10% baseline tariff on all U.S. imports, with higher rates up to 145% on goods from countries with significant trade deficits, notably China. These measures sparked legal challenges, with plaintiffs arguing that the tariffs overstep executive authority and could harm the economy. Economic Impact: Inflation: Despite initial concerns, U.S. inflation has remained subdued, with the Consumer Price Index rising at a 2.3% annual rate in April. This unexpected trend is attributed to companies stockpiling goods before the tariffs took effect. Consumer Costs: As inventories deplete, prices are expected to rise. Economists estimate a 1.7% price increase this year, translating to an average $2,800 burden per household. Market Volatility: The tariffs introduced uncertainty, leading to stock market fluctuations and concerns over potential recession risks. Over the past few weeks, President Trump’s administration has finalized several trade agreements: United Kingdom Tariff Adjustments: The U.S. has reduced tariffs on British steel and aluminum, and lowered car tariffs from 25% to 10% for up to 100,000 vehicles annually. U.K. Concessions: In return, the U.K. agreed to eliminate its 19% ethanol tariff and align its aluminum and steel tariffs with U.S. rates. WSJ China Temporary Tariff Reduction: A 90-day agreement reduces U.S. tariffs on Chinese goods from 145% to 10%, excluding a 20% tariff on fentanyl-related products. Reciprocal Measures: China has implemented similar tariff reductions, easing tensions between the two nations. Reuters Switzerland Trade Agreement: A new deal focuses on securing supply chains and encouraging local production, though specific details are pending. Reuters India Ongoing Negotiations: Discussions are underway to establish a trade agreement, with expectations of finalization in the coming weeks. As we move through a year of transition, your role as an advisor has never been more critical. By staying proactive and translating complexity into clear, client-focused strategies, you can turn uncertainty into opportunity and position your clients (and your practice) for long-term success.

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Podcasts, Panels and Presentations
Holistiplan’s 2023 Tax Planning Summit Replay

Watch the Replay of Holistiplan's 2023 Tax Planning Summit over 3,400 advisors attended!

Insights
Podcasts, Panels and Presentations
FutureProof: Revolutionizing Advice on the Industry’s Transformation

Future Proof Digital was thrilled to feature Michael Kitces, Penny Phillips, and Josh Brown for a discussion of all things advisor-related! We covered a variety of topics in a compelling discussion including referrals, capacity, marketing, and technology – some of which they agreed on, and some of which they didn’t.

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Podcasts, Panels and Presentations
Orion’s The Fuse Show: Helping Advisors Scale and Customize Their Businesses with Penny Phillips

The financial advisory industry is transforming significantly as advisors increasingly recognize their enterprise value. As a result, many advisors are seeking greater independence by moving away from captive organizations and building their own RIA firms. This shift towards independence allows advisors to align their business with their client's needs, leverage innovative technologies, and gain greater control over their operations.    

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Wealth Management
Four Common Practice Management Mistakes to Avoid

As advisors scale and grow their business, they constantly have to toggle between strategic, big picture thinking and tactical doing.    

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Wealth Management
How to Immediately Drum Up New Business

Three tried-and-true best practices to get more clients.    

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Wealth Management
The Most Important Decision Advisors Should be Weighing About Their Practices

Advisorpedia interviewed Penny Phillips, Co-founder & President of Journey Strategic Wealth, at the Riskalyze Fearless Investing Conference in October 2022.

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Wealth Management
How to Focus Your Marketing Efforts

As conference season comes to a close, avoid paralysis by analysis by taking concrete action on marketing your practice.