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What Trump’s ‘one big beautiful’ tax-and-spending package means for your money!

 


Trump’s megabill will bring sweeping changes for household finances.

President Donald Trump signed his “one big beautiful” tax-and-spending package on July 4 — legislation that will bring sweeping changes to Americans’ finances. 

After the Senate passed its version on July 1, the House Republicans on July 3 voted to approve the multi-trillion-dollar domestic policy legislation and send it to Trump’s desk for signature.

The final bill makes permanent Trump’s 2017 tax cuts while adding new relief, including a senior “bonus” to offset Social Security taxes and a bigger state and local tax deduction. The plan also has tax breaks for tip income, overtime pay and auto loans, among other provisions. 

The GOP’s marquee legislation will also enact deep spending cuts to social safety net programs such as Medicaid and food stamp benefits, end tax credits tied to clean energy and overhaul federal student loans.  

Trump’s legislation could benefit higher earners while hurting the lowest-income Americans who rely on Medicaid and SNAP, according to a Yale Budget Lab analysis released on June 30.

Here are some of the megabill’s key provisions — and how those measures could impact your wallet. https://www.cnbc.com/guide/what-trumps-one-big-beautiful-bill-means-for-your-money/  

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