Huntington Bancshares and the 2025 Tax Overhaul: What Employees Need to Know Now

Healthcare Provider Update: Healthcare Provider for Huntington Bancshares Huntington Bancshares provides healthcare coverage through various plans tailored for its employees. The specific providers may include major insurers like Aetna, Blue Cross Blue Shield, or Cigna, although the exact details can vary annually based on selected plans. Potential Healthcare Cost Increases in 2026 for Huntington Bancshares Employees As 2026 approaches, Huntington Bancshares employees should brace for significant increases in healthcare costs. A combination of factors, including projected health insurance premium hikes reaching as high as 66% in some states and the potential expiration of enhanced premium subsidies under the Affordable Care Act, could dramatically raise out-of-pocket expenses for many policyholders. Reports indicate that nearly 92% of marketplace enrollees might experience premium increases of over 75% without renewed financial assistance, leading to potential financial strain on households as they navigate these adjustments while employers consider raising deductibles and co-pays as part of their healthcare benefits revisions. Click here to learn more

'Given the significant changes introduced by the 2025 tax law, Huntington Bancshares employees should proactively reassess their financial and estate planning strategies with qualified advisors to adapt effectively to both permanent shifts and temporary opportunities,' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'With major tax changes now permanent and new temporary provisions introduced, Huntington Bancshares employees should revisit their retirement and estate planning to optimize financial opportunities in this evolving landscape,' – Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article we will discuss:

1. Permanent tax code changes affecting income, deductions, and estate planning.

2. Temporary tax benefits available from 2025 through 2028.

3. New savings and health care provisions available to families and retirees.

A New Tax Landscape for Huntington Bancshares Employees

On July 4, 2025, President Trump signed a landmark bill into law that made most of the individual and corporate tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA) permanent. For Huntington Bancshares employees, this legislation could bring long-term effects on income, deductions, and retirement planning. The law also introduces several new tax provisions intended to ease burdens for seniors, families with young children, and those living in high-tax states. While these changes stop the automatic tax increases once slated for December 31, 2025, some provisions will expire after a few years—potentially prompting more political and financial revisions.

Background and Legal Hurdles

Getting the bill passed was complex. Lawmakers balanced the cost of extending the TCJA’s tax breaks by cutting Medicaid spending, reducing some clean energy credits from the 2022 Inflation Reduction Act, and eliminating personal exemptions. Analysts urge American households to consider how these trade-offs might affect long-term economic growth. Some components may offer modest tax relief for both consumers and businesses, possibly influencing economic momentum.

Core Permanent Provisions

1. Seven Tax Brackets

The structure of seven tax brackets—ranging from 10% to 37%—remains in place. ¹  Adjustments for inflation apply in select cases. Huntington Bancshares professionals should assess their current income tier to understand its effect on overall tax liability.

2. Mortgage Interest Deduction

Interest on up to $750,000 of acquisition mortgage debt ($375,000 if married filing separately) remains deductible. For Huntington Bancshares homeowners, this provision may provide continued tax relief depending on loan size and income.

3. SALT Deduction Cap

The $10,000 cap on state and local tax (SALT) deductions will temporarily increase to $40,000 before reverting in 2030. ¹  High-income Huntington Bancshares earners in states with steep taxes may benefit from this short-term expansion.

4. Standard Deduction

Now permanent, the standard deduction is $15,750 for single filers and $31,500 for joint filers. ¹  These amounts will be adjusted for inflation starting in 2026—making it important for Huntington Bancshares employees to monitor annual changes.

5. Estate and Gift Tax Exclusion

The estate and gift tax exemption has increased to $15 million per individual and $30 million per couple. ¹  This is especially relevant for Huntington Bancshares executives with large estates or wealth transfer goals.

6. Charitable Giving Incentives

Above-the-line deductions of $1,000 for single filers and $2,000 for joint filers are reinstated, along with expanded adjusted gross income (AGI) limits for cash donations. Huntington Bancshares retirees who prioritize charitable giving may find new planning opportunities here.

7. Repeal of Personal Exemption

The $4,050 per filer personal exemption has been permanently eliminated. ¹  Taxpayers continue to rely on enhanced Child Tax Credits and the standard deduction instead.

Temporary Enhancements (2025–2028)

Tax-Free Tips and Overtime

Workers earning under $300,000 (joint) or $150,000 (single) can deduct up to $25,000 in tips and $12,500 in overtime pay. This change may be relevant for Huntington Bancshares employees in field service or operations roles.

Senior Deduction Boost

An additional $6,000 deduction is now available for individuals over 65, phasing out at incomes of $75,000 (single) and $150,000 (joint). ²  This could affect many long-tenured Huntington Bancshares employees planning for retirement.

Auto Loan Interest Deduction

Interest on loans for U.S.-assembled vehicles (up to $10,000) is deductible for individuals earning under $100,000 (single) or $200,000 (joint). Huntington Bancshares families may consider how this could influence their vehicle purchasing plans.

Savings and Health Advances

“Trump Accounts” for Minors

Parents can contribute up to $5,000 annually to a child’s account that later converts to an IRA at age 18. Huntington Bancshares families with long-term savings goals may consider this strategy.

Expanded Health Savings Account (HSA) Access

Telehealth services are now permanently included, and reimbursements up to $150/month ($300 for families) for direct primary care are allowed. This offers greater flexibility for Huntington Bancshares workers with high-deductible health plans.

Flexible 529 Plans

Withdrawals from 529 plans now include costs for educational therapy, private tutoring, and testing fees. This expansion may benefit Huntington Bancshares parents supporting children with specialized learning needs.

Notably Excluded

Despite earlier debate, the new law does not repeal taxation of Social Security benefits. Individuals earning above $34,000 (single) or $44,000 (joint) will continue to have up to 85% of their benefits taxed. The temporary senior deduction, however, may reduce total liability for some.

Looking Ahead

The new law solidifies many tax policies and adds time-sensitive benefits designed for families, seniors, and individuals building long-term plans. Huntington Bancshares employees may wish to speak with a financial advisor to evaluate how changes intersect with their compensation, equity, and estate considerations. Critical components like the SALT cap window, AGI phase-outs, and inflation-linked thresholds should be revisited each year to capture new opportunities.

Final Thoughts

Think of the 2025 tax act like a home renovation. Some features—like tax-free overtime and enhanced deductions—are temporary extensions that won’t last forever. Others—such as expanded credits and deductions—strengthen the core of the tax code. For Huntington Bancshares professionals and retirees, now may be the right time to reassess your financial approach and align with the latest legislative updates.

AMT Update

The Alternative Minimum Tax exemption has been set at $88,100 for single filers and $137,000 for joint filers in 2025, and it will be adjusted for inflation starting in 2026. ¹  This provision helps reduce the likelihood that higher earners will fall under AMT obligations due solely to inflation.

Featured Video

Articles you may find interesting:

Sources:

1. U.S. Bank Wealth Management Team. ' New Tax Laws 2025: Tax Brackets and Deductions .' U.S. Bank, 15 Feb. 2025. Accessed 12 July 2025.

2. Tax Foundation. ' No Tax on Social Security vs. $4,000 'Senior Bonus' Tax Deduction .' Tax Foundation, 5 July 2025. Accessed 12 July 2025.

Other Resources:

1. AARP. ' What to Know About the New Tax Deduction for Older Adults .' AARP Editorial Staff, 7 July 2025. Accessed 12 July 2025.

2. Bankrate. ' There's a New Tax Break Worth $6,000 for Older Taxpayers ,' by Andrea Coombes, 11 July 2025. Accessed 12 July 2025.

3. Barron’s. ' Retirees, Here's How to Take Advantage of New Tax Breaks .' Barron's Tax Editorial Team, 9 July 2025. Accessed 12 July 2025.