Take Our Poll: Do You Think Trump’s ‘Big Beautiful Bill’ Will Help or Hurt Your Financial Situation?
Written by
Chris Cluff
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
President Donald Trump’s 2025 tax and spending bill is being hailed on one side as “a key cornerstone of America’s new golden age” and on the other as “the worst job-killing bill in American history.”
Typical antithetical views for any new massive legislation like this.
Tell Us: Do You Think Trump’s ‘Big Beautiful Bill’ Will Help or Hurt Your Financial Situation?
Trump’s self-proclaimed “Big Beautiful Bill” includes a $6,000 credit on Social Security income for those 65 and over who make under $75,000, plus tax breaks on tipped workers and overtime. It also extends Trump’s 2017 tax cuts. Meanwhile, it reduces support for Medicaid and food stamps by $1.2 trillion.
The Congressional Budget Office said the law will add $3.4 trillion to the deficit in the next decade and around 12 million people will lose health insurance. The richest households will get a $12,000 increase while the poorest people will lose $1,600 a year, largely due to those Medicaid and food assistance reductions, according to the CBO analysis. More than 71 million Americans use Medicaid, and 40 million take advantage of the Supplemental Nutrition Assistance Program.
Tell Us: Do You Think Trump’s ‘Big Beautiful Bill’ Will Help or Hurt Your Financial Situation?
