No Non-Cents Blog

The One Big Beautiful Bill  has hit the tax world like a tidal wave. While high-income taxpayers can cheer at the temporary increase in the state and local tax (SALT) deduction, there’s a hidden trap lurking beneath the headlines—a tax “torpedo” that can blow a hole in your bank account if you’re not careful. Think of it as a financial booby trap: you see a treasure chest of deductions, but open it without planning, and—kaboom—your tax bill rockets higher than expected. What

Is there a recession coming? And what does that mean? An economic downturn can mean months or years of declining economic activity across...