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Welcome to the Stewardology Podcast, where we explore how to manage our resources wisely in light of God’s Word. Imagine discovering new ways to save on taxes or having extra money in your pocket to give, save, or invest. The One Big Beautiful Bill Act, or OBBBA, signed into law on July 4, 2025, promises just that with sweeping changes to our tax code. But as stewards of God’s resources, how should we navigate these opportunities? In this episode, we’ll unpack the key components of this bill and explore what they mean for managing your finances in a way that honors God. Let’s dive in!

Before we get started, we have to acknowledge that this Bill is BIG. It’s part of the name, “Big Beautiful Bill.”

That being said, we will do our best to highlight big pieces of the bill that are most likely to impact you. We won’t be able to mention everything in these 900+ pages. 

Actual Bill → https://www.congress.gov/bill/119th-congress/house-bill/1/text

This will be a 4 part series! Today is part one.

Part 2 will release on August 19th, where we will discuss the ethical and moral impacts of the bill.

Part 3 will release on August 26th, where we will discuss whether or not this Bill is actually just a tax cut for billionaires, or if it’s actually helpful for the economy.

And finally, part 4 will release on September 2nd, where we will talk about kids and the big beautiful bill. Student loans, child tax credits, SNAP, etc.

 

Tax Cuts & Jobs Act Extension

The charts below are from Michael Kitces.

Henry-Moreland, Ben. “Michael Kitces.” Nerd’s Eye View | Kitces.com, 16 July 2025, www.kitces.com/blog/obbba-one-big-beautiful-bill-act-tax-planning-salt-cap-senior-deduction-qbi-deduction-tax-cut-and-jobs-act-tcja-amt-trump-accounts/.

 

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DEDUCTIONS

  • No Tax on Tips / No Tax on Overtime

  • Car Loan Interest Deduction for cars assembled in the United States
  • Charitable Giving (for everyone who uses a standard deduction)
  • Changes to itemized deductions:
    • SALT Deduction…Complete “nothing burger”
    • Mortgage Insurance Premiums included in Deductible Mortgage Interest
    • Charitable giving changes (for those who itemize)
  • Senior Deductions
    • Extra $6,000 deduction for seniors (or $12,000 for couples) on top of the standard deduction, but phases out for singles earning over $75,000 or couples over $150,000 to $250,000.
    • Higher standard deduction: $15,750 (single) or $31,500 (joint), plus $2,000 extra per senior.
    • Helps lower or eliminate taxes on Social Security benefits for many (88% of seniors may pay no tax on benefits)

 

 

CREDITS

  • Child Tax Credit
    • Increased from $2,000 to $2,200.
    • Increases with inflation
  • Clean Energy Credit gone

 

OTHER NOTES

Many of these points will be discussed in part 4 of this series on the OBBBA, releasing September 2, 2025.

  • Trump Accounts 
    • No distributions until age 18. Afterwards, tax free withdrawals for qualified expenses.
    • How is it funded? We’re not sure yet. There’s not enough information. 
  • New expenses eligible for 529 tax free distributions
    • New k-12 related expenses, and new category for certain post-secondary programs
      • Allows for up to $20,000 for curriculum materials, textbooks, homeschool materials, private school, tutoring, fees for standardized testing, dual enrollment fees, educational therapy fees, etc…
  • Student Loans
    • Caps the amount students can borrow
    • Extends TCJA’s exclusion from income for student loan debt discharged due to death or disability 
    • Changes repayment plan options for new borrowers
    • Requires certain loans to be used for Graduate borrowers
  • Medicaid / SNAP benefits 
    • Work Requirements

 

Tax breaks for billionaires? Or rocket fuel for our economy?

Will be discussed further on Part 3 of this series, releasing August 26, 2025

  • Qualified Business Income Deduction (increased from 20% to 23%)
  • Straight Line Deductions (Deducting 100% of certain expenses vs depreciating them over 30 years)
    • E.g. moving manufacturing to the USA and creating jobs 

 

Next time: We’ll talk about the ethical concerns

 

Next Steps

 

 

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The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations.  Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.

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