President Donald Trump’s major legislative initiative, described as a “big, beautiful bill,” has successfully passed through the House of Representatives and is currently under consideration in the Senate.
Despite its progress, critics are raising alarms about the bill’s potential implications for the national debt, which stands at approximately $36 trillion. They warn that the more than 1,000-page legislation is projected to add trillions to the already escalating deficit. However, U.S. Treasury Secretary Scott Bessent remains optimistic about managing the situation.
“We believe it is possible to grow the economy while keeping the debt in check,” Bessent stated during a recent appearance on Finance Newso’s “America’s Newsroom.” He emphasized the importance of increasing economic growth at a rate that outpaces the growth of the debt, highlighting the significance of monitoring the ratio of total debt to GDP. “We can grow our way out of this,” he affirmed.
NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,475,432,210
Nevertheless, the bill also includes various provisions aimed at supporting American workers and households. Finance Newso Business breaks down how these changes could impact finances.
NO TAX ON TIPS
Service industry employees will benefit as the legislation eliminates tax on tips. While this is a win for workers, it raises potential concerns about lost revenue for the federal government…continue reading here
401(k) FOR BABIES & CHILD TAX CREDITS
The legislation proposes to introduce investment options similar to 401(k) plans for infants, promoting financial growth from an early age. Additionally, it expands child tax credits as a further benefit for families…continue reading here.
SALT
Blue states with high taxes, such as New York, have likely achieved a significant gain through an increased SALT deduction, which was previously limited to $10,000…continue reading here
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AUTO LOANS INTEREST FREE
The bill may introduce a tax deduction for interest on auto loans for vehicles manufactured in the U.S., providing a financial incentive for car buyers…continue reading here.
MEDICAID SAFE?
President Trump assured that the Medicaid program, which assists Americans qualifying based on income with essentially free healthcare, would remain intact. However, skepticism remains among some groups…continue reading here
FOOD STAMPS
Proposed adjustments to food stamp regulations and the Supplemental Nutrition Assistance Program (SNAP) are included within the tax bill. Details about these potential changes are currently being reviewed…continue reading here
