How Trump’s tax bill will affect your money

President Donald Trump’s “big, beautiful bill” cleared the House and is making its way through the Senate. 

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. 

“We think that we can both grow the economy and control the debt. What’s 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’s “America’s Newsroom” with Bill Hemmer. 

NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,475,432,210

Still, the bill contains several provisions that will benefit American workers and everyday households. FOX Business explains how your money may be affected. 

NO TAX ON TIPS

Hardworking Americans won’t have to pay taxes on the tips they make. While this is good for service employees, it may mean lost revenue for the government…continue reading here

401(k) FOR BABIES & CHILD TAX CREDITS

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…continue reading here.

SALT

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…continue reading here

AUTO LOANS INTEREST FREE  

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…continue reading here.

MEDICAID SAFE? 

Trump made it clear the Medicaid program, which provides basically free health insurance to Americans who meet income requirements, won’t be gutted. Not everyone is convinced…continue reading here

FOOD STAMPS

Changes to food stamps and nutrition assistance, formerly known as SNAP, or the Supplemental Nutrition Assistance Program, are part of the tax bill. Here’s what may change…continue reading here