You know what they say - it ain’t the size of the boat that matters. It’s all about the motion of the ocean! 🏄 Trump’s “big, beautiful bill” just cleared the House and could make some major waves if it gets through the Senate. ⏩
What’s in this thing, anyway? Will it impact your paycheck or should you just change the channel? 🤔📺
Here’s Five Fast Facts on what’s in Trump’s new bill:
- ✂️ Tax Facts - This new bill is heavy on tax changes, including a temporary break for tipped wages and overtime pay. It also includes a temporary tax deduction on interest paid on loans for cars made in the USA and another one for Americans over 65. There’s also talk of a Trump savings account for kids under 8, seeded with a thousand bucks from Uncle Sam.
- 💰 Where’s My Raise? - Under the bill, the state and local tax deduction limit would be raised from $10,000 to $40,000. Deductions would phase out for anyone with an annual income over $500K. From 2026 through 2033, the cap would increase each year by 1%. This perk is expected to help middle class taxpayers the most.
- 🛒 Chopping Block - To foot the bill for the tax increases, federal funding for SNAP will get chopped by $267B. Cuts to Medicaid are up as well, to the tune of $700B. An estimated 8 to 15 million people would lose some health care coverage.
- 🎓 Loan Lore - Student loans are changing, too. According to the bill, loans would be calculated based on the median cost of all similar college programs, not your specific school. They’d also be capped at $50K for undergrad and $150K for professional degree programs. There could also be changes for existing loan holders, like payment pause limits and updates to current payment plans.
- 💭 Critical Thinking - Although the bill made it through the House, it was a tight squeeze (215-214). Conservative critics aren’t fans of the plan and the impact it could have on the nation’s debt. The bill is expected to add another $3.3T over the next decade.
🔥Bottom line: Trump wants this thing through the Senate and signed/sealed/delivered by the Fourth of July. Will we get a side of Big, Beautiful, Bill with our hot dogs and sparklers? Time will tell! Looking for new ways to boost your emergency piggy bank? In this article, we’ve got five top tips to help you put a lil’ extra away for when you need it most.
Do you think Trump’s bill will sail through the Senate?
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