One Big Beautiful Bill: What the Tax Changes Mean for You – Tom Wheelwright and Andrew Lautz
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The 2025 tax season is underway, bringing with it a wave of retroactive law changes that could significantly impact your bottom line. But with a shrinking IRS workforce and a brand-new "CEO" at the helm, will taxpayers get the answers—and refunds—they need? Join Tom Wheelwright as he breaks down the new rules for SALT deductions, R&D expensing, and the "marriage penalty" with his guest, Andrew Lautz from the Bipartisan Policy Center.
Andrew Lautz serves as the director of tax policy for the Bipartisan Policy Center, where he is responsible for leading the organization’s federal tax policy portfolio. In this role, Lautz conducts research, develops policy recommendations, and engages with lawmakers and stakeholders on a variety of tax issues, from the Child Tax Credit to international tax reform. His insights on tax policy have been featured in The New York Times, The Wall Street Journal, The Washington Post, and Bloomberg, among other major publications. Previously, he was the Director of Federal Policy for National Taxpayers Union (NTU) and NTU Foundation. Lautz holds a B.A. in political communication and an M.P.S. in political management from The George Washington University.
In this episode, discover how the "One Big Beautiful Bill" has triggered an IRS staffing crisis, why the new $40,000 SALT cap includes a hidden "marriage penalty," and the critical tax strategies entrepreneurs must use to navigate retroactive changes to R&D and bonus depreciation.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at:
00:00 – Intro.
02:16 – What Entrepreneurs Need to Pay Attention To.
07:48 – Single Tax Filers, Married Filers, and Child Tax Credit.
09:20 – Employer’s Responsibilities on Overtime & Tips.
14:23 – Major Changes to Look Out For.
15:30 – Changes for 2026.
19:35 – IRS Challenges: Shortage, Technology, Paper vs. Digital Filing.
27:07 – Short Term & Long Term Reforms.
29:16 – Bipartisan Policy Making.
34:09 – Tips for Entrepreneurs & Investors This Tax Season.
36:22 – Closing Statements.
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ABOUT US:
Tom Wheelwright is the founder and CEO of WealthAbility and TFW Advisors, a leading authority on tax strategy and wealth building. He is the best-selling author of Tax-Free Wealth and a trusted advisor to Robert Kiyosaki. As a world class CPA, Tom is dedicated to empowering entrepreneurs and investors to reduce their tax burden and achieve financial freedom. He currently resides in Phoenix, Arizona.
DISCLAIMER:
WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.—–
Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
