July 2025 Financial Focus
July Recap
Breaking Down the Tax Bill
As of July 30th, the S&P 500 is up 2.62% for the month and 8.62% year-to-date; a continuation of the summer momentum. We noted in June that fundamentals were making a comeback. July just confirmed it. Nothing stirred more conversation than the release of the “Big Beautiful Bill.” We're here to recap the policy’s economic impact because it affects individuals, investors, and the businesses we all depend on.
First, the good news. Tax brackets from 2017 are staying put. Without this bill, we would’ve seen across-the-board increases in 2026. That means today’s 22% rate doesn’t revert back to 25%, and
similar relief extends up the ladder. This keeps more money where it belongs- our hands. There’s also a bigger incentive to itemize thanks to an expanded SALT deduction cap, a potential plus for high earners in high-tax states.
Qualified Opportunity Zones (QOZs) are now permanent. That opens the door for tax-advantaged investments in distressed communities. This is a win-win for private capital and public revitalization. New rules allow businesses to depreciate R&D expenses more aggressively and explore creative compensation strategies. This effectively lowers their tax burdens in the short term, while also incentivizing R&D projects.
So, what does all this mean for us? Individuals won’t see tax hikes. Many will benefit from short-term deductions tied to overtime and tips deductions (at least until 2028). Businesses, could see fatter profit margins if they use these provisions wisely (which they will). This will allow them to lower their bottom (tax) line and increase profits. Most of these rules expire in 2028-2030, but the added relief may subdue tariff pressure. This is good for investors and consumers.
The tradeoff? A projected $4 trillion addition to the national deficit by 2035. This is not good, but slightly better than the $4.1 trillion trajectory we were already on. For now, the bill doesn’t solve our much needed deficit dilemma; it simply kicks the can down the road for someone else to solve. Not surprising.
Outside of the tax bill, the U.S. has finalized trade agreements with the EU, Japan, South Africa, and several others. These deals are keeping trade relationships strong, breaking down barriers for U.S. exports, and securing both foreign investment and firm trade quotas. In short— good news for American companies and even better news for those who invest in them.
“We Invest In The World We Have,
Not The World We Want"
401k VS IRA
Onto something a bit more exciting. You’ve landed a new job or a long-awaited promotion (congratulations!) and with that career move comes a financial decision you may not have thought about: What should you do with your old 401(k) or employer-sponsored retirement plan?
Let’s lay out your four main options when it comes to retirement assets like a 401(k), 403(b), SIMPLE IRA, or Roth 401(k):
1.Cash It Out – Please don’t. Taxes + a 10% penalty before age 591⁄2 = the worst choice.
2.Leave It in the Old Plan – You can keep your investments where they are, if allowed.
3.Move It to Your New Employer’s Plan – If the new plan accepts roll-ins, it can simplify things.
4.Roll It Into an IRA – Full control, broader investment options, and greater flexibility.
Option 1 is a non-starter if you're planning for retirement with, well, retirement assets. The real debate lies between leaving the funds in a plan versus rolling to an IRA.
While employer plans often offer solid choices, they’re curated to fit a broad audience. That means limited investment menus and decisions shaped by plan sponsors, not necessarily your personal goals.
With an IRA, you’re not stuck with a predefined menu. You get the full buffet. Mutual funds, ETFs, individual stocks, and bonds, all within reach. More importantly, you’re not investing based on what’s “suitable” for a group. You’re investing based on what’s best for you. That’s where the real planning happens.
Rolling over isn’t always the right call—but when it is, it’s because flexibility, control, and customization win the day. If you have a 401(k) that is sitting in an old plan, or know someone that has changed jobs recently, we’re happy to set up a time to discuss what’s best for you/them.
Closing Remarks
The U.S. economy has held steady so far this year, despite policy shifts and tariffs.
What businesses have shown is resilience. Large investments stalled while the rules were unclear. With the new tax bill and clearer tariff guidance, the playbook is better defined. Companies can now plan, hire, and invest with
more confidence. With fewer unknowns and less policy drag on margins, the second half of the year looks better positioned.
Change always brings questions, we just have more answers now.
Partnering with you on your financial journey.
Pertinent Information
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