As I write this letter, we are in the midst of another government shutdown. It is easy to get swept up in the headlines, so let’s look at the facts. Historical data shows that markets tend to take these events in stride. Since 1976, we’ve seen more than 20 shutdowns, and in most cases, the S&P 500 has held steady or even climbed. During the longest shutdown in 2018–2019, the market rose over 10%. Even the lengthy 1995–1996 standoff saw a modest gain. Shutdowns may disrupt government services and stir frustration, but they rarely derail long-term market fundamentals.
It’s important to remember that markets are forward-looking. Short-term noise—especially short-term political noise—tends to fade. Our focus remains on long-term planning, global diversification, and helping you stay aligned with what matters most. Shutdowns come and go. Your goals—and the strategies we’ve built together to achieve those goals—are designed to last.
2025 Tax Planning and the One Big Beautiful Bill Act (OBBBA)
Sticking with government for a minute, the One Big Beautiful Bill Act passed last quarter, and while it’s certainly wide-reaching, most of the changes won’t take effect until 2026. A few provisions are already in play for 2025, including a higher State and Local Tax (SALT) deduction cap and expanded standard deductions for seniors. We’re actively incorporating any provisions in effect in 2025 into year-end tax planning, and we’re looking for opportunities to fine-tune strategies where it makes sense.
Looking ahead to 2026, one of the more interesting changes, at least to me, is a new above-the-line deduction for charitable giving—allowing taxpayers to deduct up to $1,000 in cash donations ($2,000 for joint filers) if they don’t itemize. It’s an example of small shift that could benefit many people and encourage broader charitable giving. As always, if you have any questions, please feel free to reach out.
A New Way to Stay True to Our Name: Passport!
You already know that travel is near and dear to my heart. For both business and personal travel, I use the travel booking and flight monitoring services of Cranky Concierge. Their services have become so valuable to me that I’ve elected to extend our PWM corporate travel booking and flight monitoring benefits to PWM clients. From rebooking missed connections to crafting complex award itineraries on points and miles (like our family summer adventure through Spain and Morocco), their team consistently delivers. There’s no commission or kickback—we’re still a 100% Fee-Only fiduciary to you—just a value-add we’re proud to provide. To use our company benefit, reach out to us and we’ll make the introduction, or email [email protected] and mention you’re with Passport.
Speaking of Tax Planning
Since January I have been engaged in studies with The American College of Financial Planning to become a Tax Planning Certified Professional®. Although my official matriculation is not yet finalized, I’m pleased to report that I’ve passed the final of three courses, making me an official member of the inaugural class, paperwork pending. Glad to have the coursework behind me and even more excited to already be putting these skills into action.
Click here to access your quarterly statement.
Live Long and Prosper,
Dan Tobias, CFP®
Please note: The above is a copy of the 2025 Q3 Passport Wealth Management client newsletter attached to quarterly statements from October 2025. The newsletter is published to the website for informational purposes only and is not financial or investment advice. You should consult a CERTIFIED FINANCIAL PLANNER™ Professional for financial advice.
Past performance may not be indicative of future results. Indexes are not available for direct investment. Investing involves risks, including the potential for loss of principal. There is no guarantee that markets will act as they have in the past or that any investment plan or strategy will be successful.
About the Author: Dan Tobias
Our Affiliations:
