President Donald Trump’s signature legislation, the “One Big Beautiful Bill,” imposes sweeping changes to tax law that will impact businesses and individuals alike. Yet, many people are unclear about what the bill does and how it could possibly affect them.
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“A lot of people are not up to speed on the provisions for it, and how you are taxed or not taxed in it,” “Shark Tank” star Kevin O’Leary told GOBankingRates.
Here’s what O’Leary said you need to understand about the tax bill.
Stable Tax Rates Help Americans Plan Ahead
According to O’Leary — who recently partnered with the online prenuptial agreement platform HelloPrenup — the most important thing the tax bill did was to stabilize tax rates.
“We were about to have a 28% increase in taxes for everybody, so that has been removed,” he said. “We now know exactly what the tax rate’s going to be for the foreseeable future. That was incredibly important.”
Having tax rules and regulations set makes it easier for individuals and businesses to plan ahead.
“The tax bill stabilized a lot of the rules and regulations for tax planning and tax preparation,” O’Leary said. “It stabilized the amount of tax you’re going to pay, and all of that matters — it’s made it a lot better.”
Check Out: What Trump’s New Tax Law Means for Upper-Middle-Class Families in 2025
Business Tax Breaks Will Boost Job Growth
New tax laws that benefit business owners will help create jobs and boost the overall economy, O’Leary said.
“Seventy percent of jobs in America are created by companies with between five and 500 people,” he said. “That is the American economy, and that’s why this tax bill is so important.”
Market Gains Are Tied to Economic Confidence
O’Leary believes the bill has helped boost confidence in the economy, which in turn has led to stock market gains.
“That’s one of the reasons the market is at all-time highs,” he said. “Even though there’s a lot of controversy about tariffs and everything else, there’s a lot of optimism about what the next few years are going to look like.”
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This article originally appeared on GOBankingRates.com: Kevin O’Leary: Here’s What You Need To Know About Trump’s New Tax Bill
