‘Big Beautiful Bill’ changes to go into effect | What to know about tax credits, healthcare and more
WESH 2’s Jason Guy is joined by AMES Financial Solutions founder and CEO, Reshell Smith, to discuss how the law’s measures may impact everyday Americans.
FOR MILLIONS OF CONSUMER TAX CREDITS ACROSS THE NATION. AS A RESULT OF THE ONE BIG BEAUTIFUL BILL ACT. AND WE TOLD YOU WHEN PRESIDENT DONALD TRUMP SIGNED THE MEASURE INTO LAW BACK IN JULY. SO COME WEDNESDAY, THERE ARE CHANGES TO HEALTH CARE TAX CUTS AND FINANCIAL LOANS THAT GO INTO EFFECT FOR MILLIONS. AND HERE TO WALK US THROUGH THE CHANGES AND HOW WE CAN BEST PREPARE. WE HAVE CERTIFIED FINANCIAL PLANNER ROCHELLE SMITH. GREAT TO SEE YOU, ROCHELLE. GOOD SEEING YOU, JASON. WE ALWAYS NEED YOUR HELP. NAVIGATING FINANCES AND OUR FAMILIES. I LOVE IT. OKAY, SO LET’S START WITH THE CHANGES HERE THAT IMPACT THOSE TAX CREDITS. WHAT DO YOU WANT EVERYBODY TO KNOW THIS MORNING. YES. SO THE CURRENT ADMINISTRATION AS WE KNOW THEY’VE STARTED ROLLING BACK SOME THINGS WHEN IT COMES TO CLEAN ENERGY. SO ELECTRIC VEHICLES SOLAR PANELS ALL THE THE WIND THINGS THAT HAVE TO DO WITH CLEAN ENERGY, THEY’RE GOING TO START TO ROLL BACK SOME OF THOSE CREDITS. AND THAT MEANS FOR US, JASON, WE PROBABLY GET KNOCKED ON THE DOOR WHERE PEOPLE ARE LIKE, HEY, YOU KNOW, DO YOU HAVE SOLAR PANELS? WE CAN HELP YOU AND YOU GET YOUR MONEY BACK. SOME OF THOSE CREDITS ARE GOING TO START ROLLING BACK AND EVEN EXPIRING. SO THIS MONTH WE REALLY WANT TO LOOK AT THE EVS. SO THOSE ARE THOSE CREDITS ARE GOING TO START ROLLING BACK OKAY. SO IF YOU’RE INTERESTED IN BUYING ONE OF THOSE IT’S SOONER THAN LATER. MAYBE THE ADVICE. YEAH. AND YOU WANT TO TALK TO TAX ADVISERS ABOUT THAT BECAUSE THAT’S WHERE THOSE, YOU KNOW, TYPES OF CREDITS COME UP. SO YEAH GOT TO CONSIDER THAT THERE ARE SOME ENHANCEMENTS TO STATE CREDITS HERE AND TAX EXEMPTIONS. YES. THAT’S WHERE THE RICH COME IN. YOU AND I JASON. RIGHT. SO NO THIS IS THIS IS WAY OUT OF OUR LEAGUE. WELL I DON’T KNOW ABOUT YOU ROCHELLE I’M OUT OF HER LEAGUE. IT’S OUT OF OUR LEAGUE. SO WHEN PEOPLE PASS AWAY, ESPECIALLY IF YOU ARE WEALTHY, THERE’S A CERTAIN AMOUNT THAT GETS EXEMPTED. SO YOU DON’T HAVE TO PAY TAXES ON RIGHT NOW PER INDIVIDUAL. IT’S LIKE 13 MILLION. SO THE CHANGES ARE THAT IT’S GOING TO BE 15,000,030 MILLION PER COUPLE. SO YOU WILL BE ABLE TO EXEMPT MORE, WHICH MEANS YOUR ESTATE TAXES SHOULD GO DOWN. OKAY. LET’S TALK ABOUT, YOU KNOW, SOMEBODY MAKING A VEHICLE PURCHASE. IS IT JUST THE IMPACT THAT WE’RE GOING TO SEE ON THESE EVS, OR WILL THERE BE SOME OTHER AREAS THAT CHANGE. SO ONE AREA THAT WE’RE LOOKING AT IS CREDITS OR DEDUCTIONS YOU GET FOR BUYING A CAR THAT’S ASSEMBLED IN THE US DOESN’T NECESSARILY NECESSARILY HAVE TO BE A US CAR. IT HAS TO BE ASSEMBLED IN THE US, AND YOU CAN GET UP TO $10,000 INTEREST DEDUCTION. OKAY. WHAT ABOUT CHANGES? BECAUSE WE’VE HEARD SOME TALK ABOUT HEALTH CARE OR FOR RETIREMENT. WHAT DO WE NEED TO KNOW AS WE NAVIGATE THAT. YEAH. SO NOW WE’VE TALKED ABOUT CRYPTOCURRENCY A LOT. JASON RIGHT. WHAT’S THAT. NOBODY’S TALKING ABOUT IT RIGHT NOW. SO NOW WE GOT TO HAVE A CONVERSATION BECAUSE THE THE OPTIONS THAT YOU HAVE IN YOUR 401 K ARE GOING TO BE EXPANDED. SO TYPICALLY IT’S STOCKS IT’S MUTUAL FUNDS. SO NOW DEPENDING ON YOUR YOUR COMPANY YOU MAY BE ABLE TO INVEST IN CRYPTOCURRENCY. YOU MAY BE ABLE TO INVEST IN REAL ESTATE AS WELL AS COMPANIES THAT ARE PRIVATELY TRADED. THEY’RE NOT OPEN TO THE PUBLIC. BUT THOSE ARE THINGS THAT COULD POSSIBLY BE COMING TO YOUR 401 K. AND THEN THERE ARE SOME REQUIREMENTS FOR MEDICAID AS FAR AS WORK GOES. YEAH. AND THAT’S YOU KNOW, THAT’S THE BIG ARGUMENT THERE. SO STARTING IN 2027, BEGINNING OF THE YEAR, IF YOU ARE ON MEDICAID 19 TO AGE 64, AND THEY CONSIDER YOU AN ABLE BODIED PERSON, YOU MAY BE REQUIRED TO WORK 80 HOURS OR DO SOME SORT OF VOLUNTEER. AND NOT ONLY THAT, 80 HOURS PER MONTH, PER MONTH, YES, PER MONTH. AND NOT ONLY THAT, THEY ARE GOING TO LOOK AT YOU EVERY SIX MONTHS AS OPPOSED TO EVERY YEAR. SO USUALLY THEY LOOK AT YOUR INCOME EVERY YEAR, SEE WHERE YOU ARE, THEY’RE GOING TO GO SIX MONTHS NOW, OKAY. AND THEN THE LAST THING FOR FOR CHILDREN, THOSE 529 PLANS ARE VALUABLE WHEN WE THINK OF COLLEGE. YEAH, THEY’RE BEING EXPANDED. SO NOW YOU’LL BE ABLE TO USE THOSE FUNDS TO PAY FOR YOUR ACT OR SAT TEST. YOU’LL BE ABLE TO USE THOSE FUNDS TO DO THINGS OTHER THAN JUST TUITION. SO IT WILL BE EXPANDED USE. ALL RIGHT. AND ROCHELLE, WE KNOW THAT THE BIG ADVICE HERE IS TALK TO THE PROFESSIONALS LIKE YOURSELF. IF WE NEED SOME HELP, WE’RE GOING TO PUT A LINK TO ALL THIS INFORMATION AND HOW YOU CAN REACH OUT TO ROCHELLE. IT’
‘Big Beautiful Bill’ changes to go into effect | What to know about tax credits, healthcare and more
WESH 2’s Jason Guy is joined by AMES Financial Solutions founder and CEO, Reshell Smith, to discuss how the law’s measures may impact everyday Americans.
Updated: 10:11 AM EDT Sep 29, 2025
Editorial Standards
September 20, 2025 marks a major deadline for certain tax credits, clean energy resources, retirement and healthcare plans and more. WESH 2’s Jason Guy is joined by certified financial planner and AMES Financial Solutions founder and CEO, Reshell Smith, to discuss the changes taking effect Sept. 30, 2025. Click here to learn more about the bill.Click here to learn more about Smith’s services.
ORLANDO, Fla. —
September 20, 2025 marks a major deadline for certain tax credits, clean energy resources, retirement and healthcare plans and more.
WESH 2’s Jason Guy is joined by certified financial planner and AMES Financial Solutions founder and CEO, Reshell Smith, to discuss the changes taking effect Sept. 30, 2025.
Click here to learn more about the bill.
Click here to learn more about Smith’s services.
