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Here’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.
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Classic City News broke the news in on Monday, July 7, 2025.
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