Market Selloff, Decoding the OBB, and Navigating New Tax Limits (SALT, Deductions, and Estate Taxes) – 10/11/2025
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John Berkley analyzes a sharp market selloff, where the S&P 500 dropped 2.43% and the Russell 2000 fell 3.29%, largely due to President Trump threatening 100% tariffs on China. The episode focuses on decoding the “One Big Beautiful Bill” (OBB), which extends the 2017 tax provisions and clears up sunset uncertainty. Key tax changes include a temporary increase in the SALT (State and Local Tax) deduction limit to $40,000, enabling the “leapfrog” itemizing strategy.
The OBB introduces four new above-the-line deductions (available to all taxpayers), such as the senior deduction and deductions for qualified tips and overtime pay. These changes mostly feature phase-outs, primarily benefiting lower and middle-income earners. Additionally, estate and lifetime gift exclusion limits are set to increase in 2025 to $15 million for singles.
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