{"id":42531,"date":"2025-05-24T20:42:03","date_gmt":"2025-05-24T20:42:03","guid":{"rendered":"https:\/\/isafespend.com\/?p=42531"},"modified":"2025-05-24T20:42:03","modified_gmt":"2025-05-24T20:42:03","slug":"how-trumps-tax-bill-will-affect-your-money","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=42531","title":{"rendered":"How Trump’s tax bill will affect your money"},"content":{"rendered":"
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President Donald Trump\u2019s “big, beautiful bill” cleared the House and is making its way through the Senate.\u00a0<\/p>\n

Still, critics point out the bill, which is over 1,000 pages, will add trillions to what is already ballooning government debt hovering at $36 trillion and deficits. However, U.S. Treasury Secretary Scott Bessent believes this can be managed.\u00a0<\/p>\n

“We think that we can both grow the economy and control the debt. What\u2019s important, Bill, is that we grow the economy faster than the debt. What I would tell your viewers to focus on, what I am focused on, what Secretary Yellen was focused on is what is the total debt to GDP because we can grow our way out of this,” Bessent said during an appearance Friday on Fox\u2019s “America\u2019s Newsroom” with Bill Hemmer.\u00a0<\/p>\n

NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,475,432,210<\/strong><\/p>\n

Still, the bill contains several provisions that will benefit American workers and everyday households. FOX Business explains how your money may be affected.\u00a0<\/p>\n

NO TAX ON TIPS<\/strong><\/h3>\n

Hardworking Americans won\u2019t have to pay taxes on the tips they make. While this is good for service employees, it may mean lost revenue for the government\u2026continue reading here<\/strong><\/i><\/p>\n

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401(k) FOR BABIES & CHILD TAX CREDITS<\/h3>\n

Typically, you start a 401(k) when you begin working, getting matched contributions from your employer. The bill may expand similar investment vehicles to newborns and other child tax credits\u2026continue reading here.<\/strong><\/i><\/p>\n

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SALT<\/h3>\n

High-tax blue states, such as New York, likely secured a win with a big bump for SALT, a deduction for state and local taxes, previously capped at $10,000\u2026continue reading here<\/strong><\/i><\/p>\n

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AUTO LOANS INTEREST FREE \u00a0<\/strong><\/h3>\n

If you own or buy a car made in the U.S. using an auto loan, the interest is on track to be eligible for a deduction\u2026continue reading here.<\/strong><\/i><\/p>\n

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MEDICAID SAFE?\u00a0<\/strong><\/h3>\n

Trump made it clear the Medicaid program, which provides basically free health insurance to Americans who meet income requirements, won\u2019t be gutted. Not everyone is convinced\u2026continue reading here<\/strong><\/i><\/p>\n

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FOOD STAMPS<\/h3>\n

Changes to food stamps and nutrition assistance, formerly known as SNAP,\u00a0or the Supplemental Nutrition Assistance Program, are part of the tax bill. Here\u2019s what may change\u2026continue reading here<\/strong><\/i><\/p>\n

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\"SNAP\/EBT Food Stamp Benefits Accepted\" is displayed on a screen<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

President Donald Trump\u2019s “big, beautiful bill” cleared the House and is making its way through the Senate.\u00a0 Still, critics point out the bill, which is over 1,000 pages, will add trillions to what is already ballooning government debt hovering at $36 trillion and deficits. However, U.S. Treasury Secretary Scott Bessent believes this can be managed.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":42532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-42531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nHow Trump's tax bill will affect your money | iSafeSpend<\/title>\n<meta name=\"description\" content=\"President Donald Trump\u2019s "big, beautiful bill" cleared the House and is making its way through the Senate.\u00a0 Still, critics point out the bill, which is\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=42531\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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