Matt Lator and Abby Selby - New Tax Codes & The One Big Beautiful Bill
Abby and Matt walked us through many of the now permanent tax changes for 2025 and some temporary deduction changes for 2025 through 2028. We walked through many changes to tips, overtime, and child credits. The Trump Accounts were created with the government funding a one time $1,000 contribution for all new born children born between 2025 and 2028. This account will revert to a standard IRA at the child's 18th birthdate. This account is tax deferred. Business owners also have a break with a 20% allowable pass through for income for business owners.
In 2026, the income brackets will be remaining the same as they have been since 2017's tax overhaul. This is good from a practical level for families, but not as advantageous for the federal deficit.
Rotary Anniversaries: Bob Hendrick - January 20th - 40 years, Jeremy Swiftney - January 20th - 6 years, Greg Coil - January 20th - 6 years
Announcements:
WINTERFEST is this weekend!
Rotary is sponsoring a Food Truck at St. Pat's Church on Friday, February 6th, between 9:00am and 11:30am. Reply to John King's email if you are able to assist!
The District 6290 50/50 raffle has begun. Tickets are $20 each, or 5 for $100. See Tom Manderscheid for your ticket!
Change for Change jar is on the back table. Drop your change to assist our Interact Club in granting additional Micro-Loans with the Interact Club of Grand Haven High School.
We have a Rotary Spotlight every month on WAWL.
Next year's Rotary International is being held in Tiapei Taiwan, Gernot and Kirstin are looking to see if any members are interested in attending. Cost will only be $5000 in total.
Save the Date - Friday, March 27th will be a Literacy Summit at Trillium in Spring Lake
50/50 Raffle: We collected $10 dollars today, making the running total $40. There were no winners, so the pot rolls over!
Coffee at the Grand Haven Rotary Meetings provided by Kenzie's BE Cafe - please be sure to thank them by visiting the shop for a coffee or your next meeting!
