On July 12, 2025, the White House published the articlePresident Trump, First Lady See Unbreakable Spirit in Texasduring their visit in the aftermath of the catastrophic floods last weekend. President Trump pledged support after meeting with those impacted, including the heroic first responders.
Section 70001 explains that unless otherwise noted, all provisions of this Title apply to the Internal Revenue Code of 1986with the exception of section 15. In addition, correct social security numbers are required for each person (including children) claimed on your taxes.
Section 70101 Extension and enhancement of reduced rates changes the effective date to taxable years beginning after December 31, 2025. So basically, these changes go into effect starting with the 2026 tax year.
Section 70102 Extension and enhancement of increased standard deduction26 U.S.C. 63increases the standard deduction from $18,000 to $23,625 and from $12,000 to $15,750 effective in taxable years. These changes go into effect starting with the 2026 tax year.
Section 70103 Termination of Deduction for Personal Exemptions Other Than Temporary Senior Deduction 26 USC 151retains the personal exemption of $6,000 for seniors who reach age 65 during the tax year. However, this amount will be reduced by 6% of the amount the adjusted gross income that exceeds $75,000 ($150,000 joint - but cannot go below zero). This provision applies to taxable years beginning after December 31, 2024 - which means it is in effect for the 2025 tax year for seniors.
Section 70104Extension and Enhancement of Increased Child Tax Credit changes the child tax credit from $2,000 to $2,200 with what looks to be a yearly adjustment of the child tax credit multiplied by the cost-of-living adjustment roundest to the next lowest multiple of $100. The "maximum amount of refundable credit with respect to any qualifying child shall not exceed $1,400." Perhaps those with children can help explain how the child tax credit is $2,200 but the maximum amount of refundable credit shall not exceed $1,400?
Section 70105 Extension and enhancement of Deduction for Qualified Business Income provides for an increase from $50,000 to $75,000 per person. The minimum deduction for active qualified business income is $400 for any business whose income is greater than $1,000. There is an inflation adjustment of the dollar amount multiplied by the cost-of-living adjustment adjusted to the nearest multiple of $5. These changes go into effect starting with the 2026 tax year.
Section 70106 Extension and Enhancement of Increased Estate and Gift Tax Exemption Amounts increases the $5,000,000 to $15,000,000 effective starting with the 2026 tax year.
Section 70107 Extension of Increased Alternative Minimum Tax Exemption Amounts and Modification of Phase-Out Thresholds changes a few dates and increases the Phaseout Amount from 25% to 50% effective starting with the 2026 tax year.
Section 70108 Extension and Modification of Limitation on Deduction for Qualified Residence Interest changes 26 USC Section 163(h)(3)(F) Section 163 (h) Disallowance of deduction for personal interest (3) Qualified residence interest (F) Special rules for taxable years 2018 through 2025 inserts a new subclause (III) Mortgage Insurance Premiums Treated As Interest. Apparently, Mortgage Insurance Premiums can now be treated as interest for the purposes of taxes?
Section 70109 Extension and Modification of Limitation on Casualty Loss Deduction adds "State Declared Disaster of any natural catastrophe (including any hurricane, tornado, storm, high water, wind-driven water, tidal wave, tsunami, earthquake, volcanic eruption, landslide, mudslide, snowstorm, or drought), or, regardless of cause, any fire, flood, or explosion" meaning these catastrophes can be deducted on your taxes beginning in the 2026 tax year. It is sad this could not be made retroactive so the survivors in NC, GA, FL, HI, & CA could benefit.
Section 70110 Termination of Miscellaneous Itemized Deductions Other Than Educator Expenses as specified in26 USC Section 67(g)tightens the language a bit and adds a new section on Educator Expenses for purchases "as part of instructional activity" without regard to the dollar limitation. Educator now includes coaches (who are not necessarily state-licensed educators) effective starting with the 2026 tax year.
Section 70111Limitation on tax benefit of itemized deductions shall be reducedby the lesser of (1) such amount of itemized deductions or (23) so much of the taxable income of the taxpayer for the taxable year exceeds the dollar amount at which the 37% rate bracket under section 1 begins. But, section 70102 increases the standard deduction at a much higher rate. This is effective with the 2026 tax year.
Section 70112Extension and modification of qualified transportation fringe benefits removes bicycle commuting reimbursement from parts (1)(D); (2) (C); (4); (5)(F); and (8). This is effective with the 2026 tax year. So some people were getting paid to ride a bicycle to work?
Section 70113Extension and modification of limitation on deduction and exclusion for moving expenses adds a new paragraph to Section 217(k) "(1) Except in the case (2) Members of the Intelligence Community. An employee or new appointee of the intelligence community (as defined in section 3 of the National Security Act of 1947 (50 USC 3003))(other than a member of the Armed Forces of the US) who moves pursuant to a change in assignment which requires relocation shall be treated for purposes of this section in the same manner as an individual to whom subsection (g) applies." This is effective with the 2026 tax year. I remember Patel saying that the FBI did not belong as a large group in DC but spread around the country and interacting with local Law Enforcement within each community. I think it is good they have arranged for a deduction of those moving expenses. So, I suspect the FBI will start moving people into communities after the first of the year.
Section 70114Extension and modification of limitation on wagering losses changes 26 USC Sec 165 (D) to read: (1) In General - For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year (A) shall be equal to 90% of the amount of such losses during such taxable year, and (B) shall be allowed only to the extent of the gains from such transactions during such taxable year. (2) Special Rule - For purposes of paragraph (1), the term 'losses from wagering transactions' includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. This is effective with the 2026 tax year. In other words, one used to be able to deduct losses up to the amount of gains. Any losses over the amount of gains was simply a loss. So, if you won $10,000 but spent $20,000 to win it, you were only allowed to claim $10,000 as a loss. With the 2026 tax year, if you win $10,000 but spent $20,000 to win it, can only claim 90% (or $9,000) as a loss. Notice you have to have winnings in order to deduct losses. You can't just go to a casino, spend a couple hundred bucks, then take it off your taxes. You must make a winning that comes with a tax form. Since I live in Nevada, where gambling is our primary industry, I wonder how many people will discover this in 2027 when they try to file their income taxes? And, I wonder what impact this will have on the gambling industry once people discover this change.
Section 70116Extension and enhancement of savers credit allowed for ABLE contributions by amending 26 USC 25B(d)(1) and repealing Paragraph (1) of section 103(e) of the SECURE 2.0 Act of 2022while increasing the credit amount from $2,000 to $2,100. This is effective with the 2027 tax year.
Section 70117Extension of rollovers from qualified tuition programs to ABLE accounts permitted26 USC Section 529(c)(3)(C)(i)(III)strikes "before January 1, 2026" leaving this section in full force for the 2026 tax year.
Section 70118Extension of treatment of certain individuals performing services in the Sinai Peninsula and enhancement to include additional areas in Public Law 115097 Section 1026(a)strikes "with respect to the applicable period" and modifies (b) to read "(b) Qualified Hazardous Duty Area - For purposes of this section, the term 'qualified hazardous duty area' means each of the following locations, but only during the period for which any member of the Armed Forces of the United States is entitled to special pay under 37 USC Section 310 (relating to special pay; duty subject to hostile fire or imminent danger), for services performed in such location: (1) the Sinai Peninsula of Egypt, (2) Kenya, (3) Mali, (4) Burkina Faso, (5) Chad." and removes subsections (c) & (d). This takes effect January 1, 2026.
Section 70119Extension and modification of exclusion from gross income of student loans discharged on account of death or disability modifies26 USC Section 108(f)(5)to allow for student loans as defined by the Consumer Credit Protection Act (15 USC 1650(a)), to be discharged upon death or total and permanent disability of the student who holds the loan. This section takes effect January 1, 2026.
Section 70120Limitation on individual deductions for certain state and local taxes, etc. modifying26 USC 164(b)(6)limit amounts for 2025 to $40,000, 2026 to $40,400, and years between 2026 and 2030 a rate of 101% of the dollar amount under effect in the preceding calendar year to $10,000 by 2029. The "phase down" is based on modified adjusted gross income of $500,000 in 2026, $505,000 in 2026, and 101% of the dollar amount in effect in the preceding year from 2027 onwards but not less than $10,000. This section is effective for tax year 2025. Since my state does not have state income tax, perhaps those of you who do pay state taxes can shed more light on this "phase down"?
I keep waiting to reach the part that the loony left disagreed with so vehemently that they all voted "NO" on this bill. So far, the only thing I can see is in Title VI, where the Trump Administration basically cut all green & DEI from the EPA. Every American should be happy the "green initiatives" were removed from the EPA as the financial consequences to individual home owners would have been devastating.
Today's Patriot is John Witherspoon who was born February 5, 1723 in Yester, Scotland. He attended Haddington Grammar School. In 1739 he earned a Master of Arts from the University of Edinburgh. By 1764, he was awarded an honorary doctorate of divinity by the University of St Andrews.
John was a supporter of republicanism and opposed to the Roman Catholic Jacobite uprising of 1745-1746. After the Battle of Falkirk he was imprisoned at Doune Castle for a short time. From 1745-1758, John was a minister at Beith, Ayshire om the Church of Scotland where he met then married Elizabeth Montgomery. They had 10 children, 5 of whom survived to adulthood. At age 68 he married a 24 year old widow and had 2 more children with her. From 1758-1768 he was minister of the Laigh Kirk, Paisley (Low Church of Paisley). He wrote the satire Ecclesiastical Characteristics (1753) opposing Francis Hutcheson's philosophy.
By 1768, John and his family emigrated to New Jersey where he became president and head professor of the Presbyterian College of New Jersey in Princeton. At 45, he was the 6th president of the college. He is credited with transforming the school from a school that trained future clergy to a school that produced future leaders.
John joined the New Jersey Committee of Correspondence and Safety in 1774 as a reaction to the Crown giving its appointed episcopacy over the affairs of his Presbyterian church. His sermon The Dominion of Providence over the Passions of Menin 1776 was well read and helped him be elected to the Continental Congress where he was appointed congressional chaplain. John served in Congress from 1777 to 1784 serving on over 100 committees. He helped draft the Articles of Confederation.
John was blind by 1792 from various eye injuries. He died in 1794 at the age of 71 on his farm just outside Princeton. He is buried near Presidents Row in Princeton Cemetery.
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Dangerous, Derogatory, Harmful, Unreliable!
Those are some of the exact words used by Googles censors, aka 'Orwelliancontent police,' in describing many of our controversial stories.Stories later proven to be truthful and light years ahead of the mainstream media. But because we reported those 'inconvenient truths' they're trying to bankrupt ANP.
