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President Donald Trump’s “One Big Beautiful Bill,” signed into law on July 4, introduces sweeping tax changes that could significantly impact your financial strategy. From bonus depreciation to estate planning, the bill revives and expands many provisions from the 2017 Tax Cuts and Jobs Act — and adds new ones.
GOBankingRates spoke with Rob Edwards, managing director and senior PIM portfolio manager at Edwards Asset Management, to learn how he’s helping clients adapt to the new landscape.
1. Adjusting Portfolios for Inflation and High Interest Rates
With more government spending and bigger deficits on the table, we’re not expecting inflation — and therefore interest rates — to come down anytime soon. We’re shifting toward investments that can protect against inflation.
Our goal is to support portfolio growth and help preserve purchasing power, so our clients won’t need to make lifestyle cuts.
2. Using 100% Bonus Depreciation To Maximize Tax Savings
Bonus depreciation is back at 100%. This is a major tax break for our business owners and real estate-focused clients who are considering making capital improvements or big-ticket purchases.
We’re working with these clients and their tax professionals to evaluate whether accelerating some investments makes sense from a tax and cash flow perspective.
3. Making the Most of the Increased SALT Deduction Cap
The state and local tax (SALT) deduction cap is temporarily rising from $10,000 to $40,000 in 2025. That creates some short-term relief for clients in high-tax states, but it comes with income limitations and it’s not permanent.
Still, Florida remains one of the few states that does not impose a state income tax. So, we’re helping clients claim Florida residency the right way — legally, efficiently and with a clear view of the long-term financial impact.
4. Rethinking Estate Plans Under the New $30M Exemption Rule
The One Big Beautiful Bill increased the federal estate and gift tax exemption to $30 million for married couples and will now adjust with inflation. This is a big one for the ultra-high-net-worth client.
It doesn’t mean it won’t change again someday, but for the uber wealthy, it removes a lot of uncertainty about what could happen to their significant wealth — at least for a few years.