New 2025 Tax Law Changes

Sweeping tax legislation is set to impact individuals, family, retirees, business owners, and those in those in high-tax states. These changes may present valuable planning opportunities for your financial future. Below is a high-level summary of some relevant provisions.

Harris Private Wealth

July 7, 2025

For Everyone

Individual Income Tax Rates Permanently Set: Individual income tax rates will remain at 2017 levels and are now permanent. This includes marginal brackets of 10%, 12%, 22%, 24%, 32%, 35%, and 37%. This provision takes effect for tax year 2025.
Increased Estate and Gift Tax Exemption: The estate and gift tax exemption will increase to $15 million per person in 2026 and will be indexed for inflation. This is up from the 2025 exemption of $13.61 million, and under the new law the higher exemption is permanent, offering long-term estate-planning confidence.
Clean Energy Credits Expiring:
- The $7,500 credit for buying or leasing a new electric vehicle will end for vehicles placed in service after September 30, 2025.
- The 30% residential solar energy credit for rooftop systems remains available through December 31, 2025, for systems placed in service by year-end.

Have Questions? Let’s Talk.

These significant changes may present valuable planning opportunities that could potentially impact your taxes and cash flow. We would be happy to illustrate how these new provisions may specifically affect your personal financial situation. Please feel free to reach out to schedule a conversation with us at your convenience.

Appendix: Sources and References

Wall Street Journal – “House Passes Trump’s Megabill in GOP Triumph” (July 3 2025)
Reuters – “Republicans muscle Trump’s sweeping taxcut and spending bill through Congress” (July 3 2025)
Grant Thornton – “Senate Releases Its Tax Bill Summary” (June 2025)
Wall Street Journal – “House Passes Trump’s Megabill in GOP Triumph” (July 3 2025)

This is offered as educational information only and does not constitute a recommendation to engage in or refrain from a particular course of action. The information within has not been tailored for any individual. The opinions expressed herein are those of the sources indicated as of the date of writing and are subject to change. They may not be representative of the views and opinions of MML Investors Services or its affiliates. Also, this material may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. The information provided is not written or intended as specific tax or legal advice. Neither MML Investors Services, LLC nor any of its subsidiaries, employees or representatives are authorized to give legal or tax advice. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters. CRN202808-9055104