{"id":37015,"date":"2025-07-04T03:24:21","date_gmt":"2025-07-04T03:24:21","guid":{"rendered":"https:\/\/www.europesays.com\/us\/37015\/"},"modified":"2025-07-04T03:24:21","modified_gmt":"2025-07-04T03:24:21","slug":"see-how-trumps-big-bill-could-affect-your-taxes-health-care-and-other-finances-4","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/37015\/","title":{"rendered":"See How Trump\u2019s Big Bill Could Affect Your Taxes, Health Care and Other Finances"},"content":{"rendered":"

Congressional Republicans just passed President Trump\u2019s sprawling domestic policy bill that extends and expands tax cuts, while slashing Medicaid, food benefits and clean energy initiatives to pay for them \u2014 but only partly<\/a>. The bill favors the wealthy, and low-income Americans stand to lose the most<\/a>.<\/p>\n

What could the bill mean for your pocketbook? Answer these questions to learn more about the individual impacts of the wide-ranging legislation. (Your answers are not tracked by The Times.)<\/p>\n

Jump to a section:<\/p>\n

General tax policyFamiliesHealth careEducationClean energyImmigration<\/p>\n

0 of 33 questions answered<\/p>\n

At the heart of the bill is a roughly $4 trillion tax cut that extends the cuts Republicans passed in 2017. Without this extension, most Americans would see a tax increase.<\/p>\n

These tax cuts come at a cost. According to the Congressional Budget Office, the bill adds $3.3 trillion to the national debt<\/a> over the next decade.<\/p>\n

Do you pay federal income taxes?<\/p>\n

Yes No<\/p>\n

Do you take the standard tax deduction?<\/p>\n

Yes No<\/p>\n

Are you 65 or older?<\/p>\n

Yes No<\/p>\n

Do you live in a high-tax state like California or New York?<\/p>\n

Yes No<\/p>\n

Are you a tipped worker?<\/p>\n

Yes No<\/p>\n

Do you receive overtime pay?<\/p>\n

Yes No<\/p>\n

Do you plan to buy a car?<\/p>\n

Yes No<\/p>\n

Do you pay interest on a mortgage?<\/p>\n

Yes No<\/p>\n

Have you experienced a big loss because of a storm, fire or other disasters?<\/p>\n

Yes No<\/p>\n

Do you donate to charity?<\/p>\n

Yes No<\/p>\n

Do you earn more than $500,000 a year?<\/p>\n

Yes No<\/p>\n

Do you own a business?<\/p>\n

Yes No<\/p>\n

Do you own or are you considering buying firearms?<\/p>\n

Yes No<\/p>\n

Are you a whaling captain or a fisher living in Alaska?<\/p>\n

Yes No<\/p>\n

Despite reducing or eliminating certain safety net programs, the Trump administration has been exploring several options<\/a> to encourage Americans to have more children, including tax cuts and other investments.<\/p>\n

Do you have children?<\/p>\n

Yes No<\/p>\n

Are you planning to have a baby soon?<\/p>\n

Yes No<\/p>\n

Do you intend to adopt a child?<\/p>\n

Yes No<\/p>\n

Will you inherit wealth or business worth $15 million or more soon? <\/p>\n

Yes No<\/p>\n

To offset some of the tax cuts, the bill makes steep cuts to health care and food assistance benefits for low-income Americans.<\/p>\n

Are you on Medicaid?<\/p>\n

Yes No<\/p>\n

Do you use food stamps?<\/p>\n

Yes No<\/p>\n

Do you have health insurance under Obamacare?<\/p>\n

Yes No<\/p>\n

Do you have a health savings account, or want one?<\/p>\n

Yes No<\/p>\n

The bill adds limits to student loan borrowing and makes changes to financial aid eligibility and uses.<\/p>\n

Have you already taken or will soon take out federal loans for college?<\/p>\n

Yes No<\/p>\n

Do you plan to borrow money for your child\u2019s college education?<\/p>\n

Yes No<\/p>\n

Do you hope to borrow money for graduate school?<\/p>\n

Yes No<\/p>\n

Do you have a 529 savings account?<\/p>\n

Yes No<\/p>\n

Are you filling out the FAFSA?<\/p>\n

Yes No<\/p>\n

Do you plan to apply for a Pell Grant?<\/p>\n

Yes No<\/p>\n

Do you or your children attend a university with a large endowment?<\/p>\n

Yes No<\/p>\n

The bill rolls back tax credits for clean energy, a policy Mr. Trump campaigned on.<\/p>\n

Are you planning to make energy-efficient home improvements?<\/p>\n

Yes No<\/p>\n

Do you want to buy an electric or a plug-in hybrid vehicle?<\/p>\n

Yes No<\/p>\n

The bill has prioritized additional funding for immigration enforcement, and specifically includes collecting more fees from certain noncitizens.<\/p>\n

Are you a noncitizen without a green card?<\/p>\n

Yes No<\/p>\n

Are you an immigrant who sends money abroad to friends or family?<\/p>\n

Yes No<\/p>\n

Your results<\/p>\n\n\n\n

1.<\/p>\n

Preserve existing tax brackets<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

2.<\/p>\n

Extend and increase standard tax deduction<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

3.<\/p>\n

Increase tax deductions for seniors<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

4.<\/p>\n

Increase cap on state and local tax deductions<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

5.<\/p>\n

Add tax deduction for income from tips<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

6.<\/p>\n

Add tax deduction for overtime income<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

7.<\/p>\n

Add tax deduction on auto loan interest<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

8.<\/p>\n

Preserve limit on mortgage interest deduction<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

9.<\/p>\n

Preserve restrictions on loss deduction<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

10.<\/p>\n

Add tax deduction for donating to charity<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

11.<\/p>\n

Extend alternative minimum tax exemption<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

12.<\/p>\n

Increase tax deductions for pass-through businesses<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

13.<\/p>\n

Eliminate a tax on silencers and certain firearms<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

14.<\/p>\n

Add tax breaks for Alaskan whalers and fishers<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

15.<\/p>\n

Increase child tax credit, with tightened rules<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

16.<\/p>\n

Deposit $1,000 into a \u201cTrump account\u201d for newborns<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

17.<\/p>\n

Make adoption tax credit refundable<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

18.<\/p>\n

Extend and increase estate tax exemption<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

19.<\/p>\n

Add work requirements for Medicaid<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

20.<\/p>\n

Add work requirements for food stamps<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

21.<\/p>\n

Tighten Obamacare rules<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

22.<\/p>\n

Expand HSA access to more people<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

23.<\/p>\n

Eliminate tax credits for low-emissions electricity sources<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

24.<\/p>\n

Eliminate tax credits for clean energy vehicles<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

25.<\/p>\n

Restructure student loan repayment programs<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

26.<\/p>\n

Limit Parent PLUS loan amounts<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

27.<\/p>\n

Limit graduate school loan amounts<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

28.<\/p>\n

Expand eligible 529 expenses<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

29.<\/p>\n

Remove some assets from financial aid calculations<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

30.<\/p>\n

Change eligiblity rules for Pell Grants<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

31.<\/p>\n

Increase taxes on university endowments<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

32.<\/p>\n

Add and increase immigration fees<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n\n\n

33.<\/p>\n

Add a tax on money sent abroad<\/p>\n<\/td>\n\u2014<\/td>\n<\/tr>\n","protected":false},"excerpt":{"rendered":"Congressional Republicans just passed President Trump\u2019s sprawling domestic policy bill that extends and expands tax cuts, while slashing…\n","protected":false},"author":3,"featured_media":36128,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,30117,20603,5959,29570,4351,405,403,5226,5225,5228,5227,16853,16854,3172,277,67,586,132,5230,68,2969],"class_list":{"0":"post-37015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-content-type-quiz","10":"tag-deductions-and-exemptions","11":"tag-donald-j","12":"tag-federal-taxes-us","13":"tag-house-of-representatives","14":"tag-new-york","15":"tag-new-york-city","16":"tag-newyork","17":"tag-newyorkcity","18":"tag-ny","19":"tag-nyc","20":"tag-one-big-beautiful-bill-act-2025","21":"tag-senate","22":"tag-tax-credits","23":"tag-trump","24":"tag-united-states","25":"tag-united-states-of-america","26":"tag-unitedstates","27":"tag-unitedstatesofamerica","28":"tag-us","29":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114792829062456558","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/37015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=37015"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/37015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/36128"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=37015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=37015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=37015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}