You’ve heard the headlines. “Big Beautiful Bill” this. “Mega tax cuts” that. But what does this nearly 1,000-page monster bill actually mean for your wallet, your benefits, and your future? I’m glad you asked!
Let’s break it down Damon Carr style—no fluff, all facts, and a heavy dose of real talk!
TAX CUTS COMING FOR SOME… MAYBE YOU?
This bill is Trump’s latest flex. It extends the 2017 Tax Cuts and Jobs Act (TCJA) that gave the rich a fat break and the middle class a decent bump. But it’s more than just an extension—it’s a whole new tax remix.
Let’s be clear: The rich came out on top with TCJA. Corporate tax rates dropped from 35 percent to 21 percent—permanently. Pass-through business owners scored a 20 percent deduction. The estate tax threshold doubled, letting wealthy families pass down millions tax-free. Even the Alternative Minimum Tax eased up, helping high-income earners avoid that extra bill.
The middle class? They got a decent—but temporary—boost. Standard deductions doubled, tax brackets dropped a few percentage points, and the child tax credit jumped from $1,000 to $2,000 per kid. Folks saw a little more in their paychecks, but those perks vanish in 2025 unless this bill locks them in.
What’s inside the bag:
- Bigger standard deductions
- A revived SALT cap set at $40K (up from $10K)
- Kills the Alternative Minimum Tax for many earners
- Pass-through business tax perks extended
- Keeps the estate tax threshold high—aka more rich folks keep more generational wealth
But that ain’t all. Trump’s crew added new goodies:
- Deduct car loan interest—up to $10,000 a year
- No taxes on tips, overtime, and side hustle income through 2028
- Seniors get higher standard deductions
- Bigger childcare credits and incentives for family leave
Translation? If you work, hustle, or have a family—you might win. But if you’re poor, sick, or care about the planet? Not so fast.
MEDICAID, SNAP, & GREEN ENERGY GET CHOPPED
Here’s where it gets ugly. The “savings” to pay for all those shiny tax cuts? They’re coming from gutting programs that actually help regular folks survive and stay afloat.
Medicaid & SNAP (Food Stamps) getting dragged through the mud:
- Stricter work requirements: Adults aged 19–55 must prove they work at least 80 hours a month or be kicked off benefits—no exceptions for those in job-scarce areas.
- Block grants to states: Instead of matching state Medicaid spending, the feds will cap it—leaving states to either cut services or raise taxes.
- $930 BILLION in projected cuts over 10 years—targeting Medicaid expansion, nursing home coverage, and mental health services.
- SNAP recipients will now face monthly recertifications and ID-verification hurdles that can delay or deny food assistance.
Green energy? They’re slashing and burning:
- Kills the $7,500 EV tax credit—so electric cars just got a whole lot less affordable.
- Eliminates solar/wind production tax credits, which helped companies lower energy costs and expand clean jobs.
- New “carbon penalties” will hit solar panel manufacturers and wind farms with added taxes on imported materials and battery components.
Medicaid & SNAP (food stamps) face:
- Stricter work requirements
- Reduced funding to states
- Up to $930 BILLION in cuts over 10 years
Green energy? They’re slashing:
- EV tax credits
- Solar/wind subsidies
- And even adding taxes to some renewable programs
So while billionaires get to pass wealth tax-free, families who rely on Medicaid might get dropped, and green tech companies just caught a flat tire.
DEFENSE SPENDING & BORDER SECURITY: FULLY LOADED
If this bill was a rap verse, this is the part where the beat drops and the bass gets heavy.
The military’s getting:
- $150 BILLION more for defense—including new drones, AI, cyberweapons
Border patrol’s getting:
- $70 BILLION for “the wall,” ICE operations, and deportation expansion
And they’re raising the debt ceiling by $5 TRILLION just to make all this spending legal.
Now let me be real—some folks are cheering. “Strong border, strong military!” I hear you. But don’t forget: every dollar going to drones and walls is a dollar not going to affordable housing, debt relief, or your grandma’s insulin.
WHERE THE BIG BEAUTIFUL BILL STANDS IN CONGRESS
- House of Reps: Passed by one vote—215 to 214. That’s tighter than your budget after payday.
- Senate: As of June 28, the bill passed the procedural vote (51–49) which lets debate begin. Senator Rand Paul and Thom Tillis voted no, calling it too extreme.
- Now the Senate’s in what they call “vote-a-rama” mode—hours of debates, last-minute edits, and political stunts.
WHAT’S NEXT FOR THIS BEAST?
Here’s the roadmap:
- Senate must pass the full bill. Thanks to budget reconciliation rules, they only need a simple majority. No filibuster can stop it.
- If the Senate makes any edits (which they will), the bill goes back to the House for approval—or a conference committee to work out the details.
- Once both chambers agree, it lands on Trump’s desk for signature. He wants to sign it before July 4 for patriotic drama. If not, it could drag into late summer.
WHO WINS & WHO LOSES?
Let’s call it what it is: Robin Hood in reverse.
Winners:
- Wealthy families (estate taxes and SALT cap raised)
- Business owners (pass-through benefits extended)
- People with car loans, tips, or overtime pay
- Families with kids and dependent care expenses
- Military contractors and border security vendors
Losers:
Low-income families (Medicaid and SNAP cuts)
Environmental programs and renewable energy firms
Seniors in need of long-term Medicaid support
Anyone hoping for student debt relief, rent help, or expanded healthcare
BOTTOM LINE FROM YOUR MONEY COACH
This bill is a big deal. Not because it’s smart or fair. But because it’ll change the financial future of millions of Americans—either through tax breaks or benefit cuts.
Don’t let the name fool you—“One Big Beautiful Bill” might look cute in headlines. But underneath the hood, it’s a brutal reshuffling of who gets help and who gets hustled.
If you got money or own a business—you just leveled up.
If you’re struggling to eat, pay rent, or get medical help—you just got kicked in the gut.
Stay woke. Stay informed. Don’t just read headlines—read the fine print.
(Damon Carr, Money Coach & Tax Pro can be reached at 412-216-1013 or visit his website at www.damonmoneycoach.com)