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President Donald Trump’s new tax bill was narrowly approved by the House on Thursday, May 22^nd, passing with a 215-214 vote. The tax bill, titled “One Big Beautiful Bill Act” and exceeding 1,000 pages in length, now heads to the Senate for consideration and potential revisions.

While there are many changes presented in the bill, we are providing a glimpse into the proposed legislative package that we feel may be most impactful for the high-net worth clients of GenCrest Capital Partners.

Key points:

• 2017 Tax Cuts and Jobs Act: Key provisions from this Act would be made permanent. These include lower marginal tax rates across most income brackets (with a top rate of 37%), an increased standard deduction and expanded child tax credit. 

 

• Standard Deduction: For 2025, there will be a $1,000 increase for single and head of household filers, $2,000 increase for joint filers, and $4,000 total potential increase for single seniors ($8,000 for senior joint filers).

 

• SALT Cap: For incomes $500,000 and lower, the “SALT” tax deduction (which includes state/local income taxes as well as property and vehicle taxes) increases from $10,000 to $40,000 followed by additional increase in deduction and income threshold for the next ten years.

 

• Child Tax Credit: A $500 boost from 2025-2028, bringing it from $2,000 to $2,500 per child. Then the child tax credit would return to $2,000, indexed for inflation.

 

• EV Tax Credit: Elimination of the federal tax credit for energy vehicle purchases ($7,500 for new vehicles, $4,000 for used vehicles).

 

• Qualified Business Income: Increase in deduction for small businesses (including partnerships and S corporations) from 20% to 23% of qualified business income.

 

• 1099-MISC Income: Raises the 1099-MISC threshold from $600 to $2,000 and repeals the 1099-K reporting requirements for “gig-economy” income.

 

• 529 Education savings accounts: Expands qualified 529 plan distributions to include K-12 expenses for additional flexibility.

 

• Estate Tax: Exemption rises to $15 million for single filers, $30 million for joint filers, and is then adjusted for inflation going forward.

 

We will continue to monitor the proposed bill’s progress and will provide future timely updates as they are available.

Sources: Trump’s big tax bill has passed the House. Here’s what’s inside it; US House narrowly passes Trump’s sweeping tax-cut bill, sends on to Senate; Trump’s ‘One Big, Beautiful Bill’ With Trillions in Tax Cuts: Passes House; Is the EV Tax Credit Going Away Under Trump? What You Need to Know

 

As we continue to experience heightened market volatility and shifting economic headlines, we want to take a moment to acknowledge the natural concerns that come with times like these.  The news of across-the-board tariffs, the trade war with China and now the 90-day pause, have caused much volatility.  It’s completely understandable to feel emotional and unsettled about the markets.  These markets can test even the most seasoned of investors.

Periods like this are not new to us- we’ve weathered similar storms before and come out stronger.  We have learned that when sentiment is this fearful, it is not the time to sell.  The market ups and down are normal.   In any given calendar year since 1980, the average drawdown (peak to trough decline) of the S&P 500 index historically has been -14%.  (We are currently around -11.63% for 2025). Yet despite this inter-year volatility, the index has tended to finish the year higher than it started.  Since 1980 the index has delivered a positive return 82% of the time.  Market dislocations often give rise to opportunity, especially to those with a well-diversified portfolio.

Your portfolio is designed with these moments in mind.  The flexibility and resilience built into your investment plan are key to withstanding short-term noise while staying focused on long-term goals.  We want to assure you that we remain vigilant, informed and proactive.  We are continually reviewing your allocation to ensure it reflects both today’s environment and tomorrow’s potential.  While no one can predict the next headline, we can prepare and position your strategy to thrive regardless of what tomorrow brings.

Please know how much we value the trust you have placed in us.  At GenCrest Capital Partners, your long-term success is our top priority, and we are deeply committed to navigating these market conditions with both clarity and conviction.

Should you have any questions or simply want to talk through these current conditions and how they may impact your plan, we are here.  Your peace of mind matters to us just as much as your portfolio’s performance.

Thank you again for your collective trust.  We are honored to be your partner and look forward to what lies ahead.

 

Todd R. Walker

Senior Portfolio Manager

GREENSBORO, N.C. (Feb.1, 2025) – Hutchinson Family Offices, a leading wealth management firm in the Piedmont Triad, has announced a rebranding and name change to GenCrest Capital Partners.

It is a major juncture in the company’s efforts to maintain its forward-thinking approach in its mission to deliver exceptional financial strategies tailored to each client’s needs.

“We are excited about this new chapter in our journey. Under this new banner, we are focused on innovation and expanding opportunities while always seeking to honor our clients’ legacy in the work we do,” said Sherry Campbell, CEO of GenCrest Capital Partners.

According to Campbell, “GenCrest” was selected because “Gen” is a “nod to generational wealth, underscoring our dedication to preserving and enhancing a family’s legacy” and “Crest” “symbolizes the pinnacle of achievement and success.”

Services offered by GenCrest Capital Partners include investment management, tax planning, exit planning, family office services, and divorce consulting.

“Our name may have changed, but our unwavering commitment to our clients remains,” said Amy Conley, president of GenCrest Capital Partners. “Our clients will continue to receive the same personalized care and thoughtful service they have come to expect.”

As has been the case since the company’s founding more than 30 years ago, GenCrest Capital Partners remains dedicated to helping safeguard and build upon the wealth and legacy that define a client and their family’s unique story and history.

About GenCrest Capital Partners: For more than 30 years, GenCrest Capital Partners has offered private wealth management and family office services that may offer order, simplicity, and financial confidence. The company’s diverse team of professionals brings a unique mix of specialties and experience to proactively serve our high-net-worth families. GenCrest Capital Partners is committed to their clients and their families, delivering honest guidance, objective advice, and excellent service.

 

 

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