Some of the new tax policies take effect in the 2025 tax year, others in the 2026 tax years. This letter exists to inform you of the most relevant stuff taking effect in 2025.

The “One Big Beautiful Bill” passed last week, and was nearly 900 pages long. It’s packed with new legislation and changes to the tax code. Here’s what stands out:

But our society, our standard of living, has improved dramatically! Progress is an underappreciated piece of our story. Consider the following:

Think of it this way: with a traditional IRA, you get a tax break now. With a Roth IRA, you get a tax break later. And that "later" tax break can be a very big deal:

Amodei believes the AI tools that Anthropic and other companies are racing to build could eliminate half of entry-level, white-collar jobs and spike unemployment to as much as 20% in the next one to five years

Just as a few cool days don't stop summer from arriving, market dips don't cancel the potential for long-term growth.

Most people don’t know that CD’s are available through investment companies- often with better rates and terms than banks can offer. Here’s what you should know:

If you only used this chart, you could make a good argument for investing when the fear index is above 30:

Here’s what we’re telling clients about the Tariffs:

Notes and Outlook on Wildfires, Insurance, AI, Biotech and Tax Reform