Weekend Reads: How Trump's megabill affects your taxes

Also: A way to limit your risk while investing in Nvidia, and advice on financial gifts drawn from retirement accounts

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Weekend Reads       How the passing of Trump's megabill can help you at tax time   Also: A way to limit your risk while investing in Nvidia, and advice on financial gifts drawn from retirement accounts   By Philip van Doorn

President Trump's signing of the One Big Beautiful Bill Act means you might see a significant cut to your federal income taxes. PHOTO: MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, ISTOCKPHOTO   Whether you were in favor of President Donald Trump's One Big Beautiful Bill or against it, what is more important now is how the new legislation will affect you.   It can pay to dig a bit deeper into the details in order to avoid any unpleasant surprises — and even to enjoy some tax advantages resulting from the new law.   Andrew Keshner broke down the details of the increase in the cap on state and local tax deductions from federally taxable income. The new rules could mean that it is time for you to employ some new tax strategies.   More on the new tax rules:   • Here's how the senior bonus in the megabill will affect your taxes this year • No tax on Social Security? Not quite. • The new $40,000 cap on SALT deductions in Trump's big bill aids homeowners most in these states • Will your taxes be cut? Check this number for the answer. • Tax breaks and spending cuts: Here are the winners and losers in Trump's big bill

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Don't get cute with Social Security   Alessandra Malito writes the Help Me Retire column. This week she answered a question from a reader who was thinking about a radical step to try to maximize her husband's Social Security benefits.   A Social Security quandary: I have $2,000 left at the end of the month. Should I claim Social Security early at 62?   Time for a 'new' Magnificent Seven group of stocks?     Tesla is one of two stocks in the Magnificent Seven group to decline this year, even as the S&P 500 has returned 7.5%. PHOTO: GETTY IMAGES   The Magnificent Seven group of stocks includes the following companies, sorted by market capitalization:   Company Ticker Market cap. ($bil) 2025 return 2024 return 2023 return Nvidia Corp. NVDA $4,004 22% 171% 239% Microsoft Corp. MSFT $3,727 19% 13% 58% Apple Inc. AAPL $3,173 -15% 31% 49% Amazon.com Inc. AMZN $2,360 1% 44% 81% Alphabet Inc. Class A GOOGL $1,034 -6% 36% 58% Meta Platforms Inc. Class A META $1,511 19% 66% 194% Tesla Inc. TSLA $997 -23% 63% 102% Source: FactSet   The 2025 returns for the stocks are through Thursday. All returns in this article include reinvested dividends.   Michael Brush discussed the performance of the stocks and competitive factors that have led Vimal Patel, a manager of the Columbia Seligman Global Technology Fund SHGTX, to suggest removing two of the Magnificent Seven and replacing them with these two stocks.   More on the stock market:   • How hard is it to beat the market? Even AI can't do it. • A $500 billion wall of money will sweep the stock market higher in the second half, says JPMorgan • 17 bargain dividend stocks that are primed for growth — consider this before you buy   How to give money to a loved one while minimizing taxes   Beth Pinsker writes the Fix My Portfolio column and often tackles complex tax scenarios for people managing retirement accounts. This week she helped a man who wanted to take money out of a 401(k) to help his son buy a house. Here's how he can help his son while minimizing the tax consequences.   A different way to 'play' Nvidia   Nvidia's stock is having another stellar year, as you can see in the table above. The company's leading position in the market for graphics processing units needed by data centers to support the development of generative artificial intelligence has helped it climb to a market capitalization just over $4 trillion. But this can be a volatile stock, as you can see on this year-to-date chart of daily closing prices through Thursday:     Through July 11, Nvidia's stock was up 74% from its 2025 low on April 4. CHART: FACTSET   Laila Maidan interviewed money managers who explained how investors could use options to gain upside exposure to Nvidia's stock while limiting risk.   Is it time for Apple to make a change at the top?     Tim Cook has had a stellar tenure as Apple's chief executive. But some analysts believe it is time for the iPhone maker to move in a new direction. PHOTO: KEVIN DIETSCH/GETTY IMAGES   A long-term investor in Apple might be perfectly thrilled at the stock's performance. It has returned 663% over the past 10 years, compared with a return of 261% for the S&P 500 SPX. And Apple's stock buybacks have rewarded shareholders in a big way.   But with investors souring on Apple's stock this year, two analysts made the case for the company to move on from Tim Cook and name a new chief executive.   Robinhood, crypto and one day's market volatility   On Friday, Tomi Kilgore explained how stock traders quickly shrugged off concerns over an investigation by Florida's attorney general into Robinhood Markets Inc. HOOD over the firm's pricing of virtual-currency trading services.   Other company news   Here's a sampling of this week's coverage from the MarketWatch Companies team:   • Is Amazon's Prime Day sale losing its appeal? Some early data suggest shoppers are spending less this year. • Wendy's CEO is leaving. An analyst hopes new leadership will 'get more serious' about a restaurant overhaul. • Here's when the Tesla shareholder meeting is happening — and why it matters • Airline stocks soar, lifted by Delta's earnings beat and restored full-year guidance   The Moneyist tackles a tricky scenario     Quentin Fottrell helps MarketWatch readers tackle difficult financial (and family) problems. PHOTO: MARKETWATCH ILLUSTRATION   Quentin Fottrell — the Moneyist — helped a 61-year-old woman in California who gave up on finding new employment after a frustrating job search. Her question was whether she should sell her house as part of her financial plan for retirement.   More from the Moneyist:   • I'm 85 with two children and $4 million. My daughter wants a larger share of my estate than my son to compensate for unequal treatment by her father. • When my friend was on her deathbed, her parents took $25,000 in cash and won't give it to her son. Do we tell him?   Want more from MarketWatch? 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