Trump's _Beautiful Bill__ Big Changes for Families?

Money Explainers

22/6/2025

Will Trump's "Beautiful Bill" deliver big for your family? Dive into the proposed changes for the Child Tax Credit and new "Trump accounts."
The Child Tax Credit is on the chopping block and could get a boost under a new Republican bill. Find out how much more you could receive!
Tax credits, savings accounts, and more: how a massive new bill could reshape the financial future for American families.
#TrumpBillFamilies. #ChildTaxCreditUpdate. #FamilyFinanceFuture.

Categoría

🗞

Noticias

Transcripción

Mostrar la transcripción completa del vídeo

00:00All right, let's talk about how this big Republican bill, the one President Trump calls

00:04one big, beautiful bill, could affect children and families.

00:08First off, this sprawling piece of legislation is definitely going to impact the costs associated

00:13with raising a family. It is designed to influence everything from how much it costs to own a home

00:19to how you afford health care. So, its specifics really matter to parents, especially those with

00:25little kids. One of the key areas where children are directly impacted is through the child tax

00:30credit. Currently, the child tax credit is $2,000. However, if Congress just lets the 2017 tax cuts

00:39expire, that credit would actually shrink to $1,000. But both the House and Senate versions of

00:45this new bill are looking to prevent that and even enhance it. The House bill proposes to increase

00:50the credit to $2,500 for the years 2025 through 2028, and then it would be adjusted for inflation

00:57starting in 2029. The Senate version, on the other hand, aims to permanently increase the credit to

01:03$2,200 and would also tie its payout to inflation rates. There are also some changes proposed regarding

01:10the Social Security number requirements for claiming this credit, which connects to the

01:14broader immigration debate. Previously, children needed Social Security numbers for their households

01:19to claim the credit. The House bill proposes that all parents listed on the tax return would need a

01:25Social Security number. The Senate Finance Committee's text is a bit less restrictive, requiring

01:31that the taxpayer must have a Social Security number, and at least one of the two people on a married

01:35couple yes return needs a Social Security number. Beyond the child tax credit, both the House and

01:41Senate versions of the bill are looking to create tax-advantaged Trump accounts. These accounts

01:46would be seeded with $1,000 for children born between 2024 and 2028. Additionally, both chambers' bills

01:54would aim to enhance tax credits for employer-sponsored child care. However, some experts have noted that

02:00these particular credits might be inefficient and not widely used. So, in essence, the bill could bring

02:06significant changes to the financial landscape for families, and directly impact how parents save and

02:12manage expenses for their children, particularly through tax credits and new savings accounts.

02:18Money Explainers

Recomendada