US EditionHere’s How Trump’s Spending Bill Will Impact Your Money: Child Tax Credit, No Tax on Tips and More
- President Donald Trump signed the new tax and spending bill into law on July 4, increasing the child tax credit from $2,000 to $2,200 and making it permanent.
- Congress crafted the bill to reduce waste and curb the deficit, targeting historic Medicaid and SNAP cuts that projected 11.8 million and 3 million losses, respectively.
- The Congressional Budget Office estimates 11.8 million will lose Medicaid, 3 million SNAP, and the policy could add $40 billion to the deficit by 2028.
- Congress’s bill projects 11.8 million losing Medicaid, 3 million losing SNAP benefits, with future cuts potentially adding $40 billion to the deficit by 2028.
- Through 2028, the law provides temporary tax benefits for tips and overtime, with states set to contribute more toward SNAP starting in 2028 unless renewed by lawmakers.
22 Articles
22 Articles
Have children? How the 'Big, Beautiful Bill' could affect you
(NEXSTAR) – In the nearly 900 pages of President Donald Trump's tax and spending bill are several provisions that parents and guardians may want to pay close attention to. Child tax credit Under Trump's "Big, Beautiful Bill" the child tax credit is raised from $2,000 to $2,200. Parents and guardians can claim the tax credit for each qualifying child who will be under the age of 17 at the end of the year. Both the taxpayer and the child must have…
What Trump’s sweeping domestic policy law means for American workers
By Alicia Wallace, CNN (CNN) — President Donald Trump’s megabill is now a megalaw with wide-reaching implications for many Americans. Trump has touted that his tax and spending law will boost the economy and put more money in people’s pockets, especially for hourly workers. However, as is the case with most federal laws — especially one that’s nearly 900 pages long and peppered with plenty of eleventh-hour additions — the outcomes aren’t always …
What Trump’s sweeping domestic policy law means for American workers | News Channel 3-12
By Alicia Wallace, CNN (CNN) — President Donald Trump’s megabill is now a megalaw with wide-reaching implications for many Americans. Trump has touted that his tax and spending law will boost the economy and put more money in people’s pockets, especially for hourly workers. However, as is the case with most federal laws — especially one that’s nearly 900 pages long and peppered with plenty of eleventh-hour additions — the outcomes aren’t always …
Thune: Promises made, promises kept with new tax bill
Last year, President Trump and Republicans promised the American people that we would turn the page on the failures of the last four years. We promised to make America more prosperous and to make it stronger and more secure. We got right to work on executing our agenda this year, and I’m proud to report that we’ve delivered with a bill that fulfills these promises. The centerpiece of this bill is permanent tax relief for the American people. Wit…
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