Mark J Quann, author of 'Be Smart Pay Zero Taxes', discusses how Trump's 'Big, Beautiful Bill' may mean Americans can save big at tax time.

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Author Mark Kwan appeared on Newsmax to discuss the potential impacts of a proposed tax reform bill, referencing previous changes made by the 2017 Tax Cuts and Jobs Act. He explained that the new bill would maintain increased standard deductions and provide additional tax relief for middle American families, particularly those working for tips or overtime, by exempting these earnings from federal income tax, though not from Social Security or Medicare contributions.

Kwan also highlighted new provisions allowing deductions for interest on auto loans for American-made vehicles and additional itemized deductions for charitable donations. He noted that while the bill does not eliminate taxes on Social Security income, it proposes larger standard deductions for seniors, potentially reducing their tax burden. Kwan emphasized that these measures are intended to benefit working Americans and stimulate economic activity.

Car loans and overtime: how to hold onto your money at tax time

My next guest is the author of the best-selling book, Pay Zero Taxes, Use the Buy, Borrow, Die Strategy to Get Rich and Stay Rich. Mark Kwan joins us now. Mark, good to have you with us again. For individual tax filers, just curious how the big, beautiful bill will impact them in terms of tax rates. Well, it's going to affect them. It's going to affect them the same way it did when the last time Trump was elected. The 2017 Tax Cuts and Jobs Act was the original bill. There's a certain amount of deduction at the end of your paycheck. You don't pay taxes on it. It's the standard deduction. That was around $12,000. Trump doubled it to $24,000. It was a big tax cut for middle America. He also doubled the deduction for if you had children. It was a big bonus for middle American families raising children. That actually stimulated the economy. In 2019, the economy was just exploding before coronavirus. So today, we have the big, beautiful bill. If we didn't have the big, beautiful bill, we would revert to those old taxes, and we would all be paying way more taxes. It would be actually a directly heavy taxation increase on working American families. So most importantly, we're not getting a tax increase. So Mark, for Americans who work for tips or make a lot in overtime, how are they affected? It's pretty awesome. I mean, the first time ever, you can actually go work overtime, and then when you look at your paycheck, you're not going to be penalized for doing it. So you never want to have an economy that penalizes the people who work the hardest and reward the people who are either incompetent or lazy. So Trump's reversing that. If you work overtime, it's not totally tax-free. You're still going to have to pay into Medicaid and Social Security, but it's still a way big income pump. When you work harder, you're going to get a lot bigger paycheck coming home. If Americans have more money to come home, they're going to be spending more in the economy. It's just going to ramp up the whole entire economy. So no tax on tips, no tax on overtime. That's a directly more money in the pockets of the people who are working. They're serving us at the table. They're serving us the restaurants, and it's awesome for middle America. Well, there's also a deduction on car loan interest. Tell us about that, Mark. Once again, he's layering all these things that are helping so many people. Normally, if you take that standard deduction at the bottom, that's it. You can't get deductions for anything else. Trump's saying, hey, you can get the full standard deduction on your taxes, which is currently $30,000. That was bumped up also, but you're not going to pay taxes. But if you buy a car that's made in the United States of America, another thing Trump wants to do, bringing the jobs to Americans. But if a car is made in America, you get to take that interest, itemize it on your tax return, and take an additional tax deduction on top of the full itemized deduction. So again, multiple layers of tax decreases all across the board, and it's going to everybody in America. It's pretty phenomenal. All right. And if a person has always, say, itemized their deductions on their tax forms, do they still do that? They can. Obviously, most people wouldn't really benefit other than the auto interest deduction. But no, obviously, business owners, we're still going to itemize. We have to get good tax advice to make sure we're itemizing, and we're obviously maximizing our own deductions. But the only other big change I can see for just your worker working a job every single day is they're going to get the interest for the auto loan if it's made in the United States. You can also make donations to churches, charities, and that's going to be an additional deduction itemized, which is going to help you. It encourages giving back. But also, here's the other trick. The Bible or Ad Astra says, look, invest for the future. Instead of donating your money to a church or charity, you can take a low interest margin loan, and you can donate that to your church and charity. You're still growing and compounding your investments without triggering the taxes. That's a double tax deduction. And then the government gets to pay you for donating to your church or charity. And Mark, what about social security income? President Trump wants to end taxes on that. What say you? Well, that would be awesome. The current bill doesn't say we're going to end it forever. It says we're going to reduce it, and we're going to give seniors just a much bigger standardized deduction. It's about $6,000 if you're single, $12,000. Now, what this does is really helpful because the side of the system was rigged. They said originally, social security wasn't going to be taxable. And then they said, we're going to tax some of it if you make so much. And then in 1993, they said, we're going to tax up to 85%. But they kept hitting more people in a middle America. But that was triggered if you went to work a job. So imagine you go work a job or take a distribution from a retirement account. That was all taxable. That would trigger all the taxes, and it would just push you into the super high tax bracket, and you're paying a bunch of money. So this other deduction is going to make it so you're not going to get hit into those higher tax brackets. More importantly, you want to track collect all your social security tax free, you can still take other make them from other sources and not trigger your taxes. But in my book, it talks about how to make any amount of money and never pay taxes on your social security to that's just make anyways, that's that's a big topic for the book. So even if we didn't have it, it's always possible to make lots of social security and never pay a single penny in taxes on it. All right, well, Mark, we certainly appreciate you coming on Newsmax this evening.

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