Tackling tax planning

Summary

Sharon Epperson interviews Bill Harris, CEO of Evergreen Wealth, about tax planning for 2026 and the limited 2025 impact of the OBBBA. Harris argues that filing season is too late to save taxes and that early planning can save thousands, especially for high-income taxpayers. He highlights the new senior standard deduction and the expanded SALT deduction for high-income residents of high-tax states such as New York, New Jersey, California, and Hawaii. The discussion is personal-finance and tax-policy focused rather than a set of investment recommendations.

• Bill Harris says the OBBBA's 2025 tax impact is modest and the largest-ever refund season is unlikely for most investors.
• He urges taxpayers to plan early in the year because after April 15 only filing history is possible.
• He says early tax planning can save thousands, or tens of thousands for high-income households.
• Low- and moderate-income changes include tip and overtime exemptions and small child tax credit and standard deduction increases.
• Seniors get an extra $6,000 standard deduction in 2026, described as temporary but valuable.
• The SALT deduction cap rises from $10,000 to $40,000, benefiting high-income filers in high-tax states.
• High-tax states named include New York, New York City, New Jersey, California, and Hawaii.