Trump's Mega Bill: A Shake-Up for Americans

Name: Trump's Mega Bill: A Shake-Up for Americans
Uploaded: 2025-06-22T03:34:52+00:00
Duration: 4 min 2 s
Channel: Money Explainers
Description: Breaking News: President Trump's "One Big, Beautiful Bill" just hit major snags in the Senate! Learn how parliamentarian rulings on SNAP, taxes, and healthcare could reshape its impact on your wallet. <br />#TrumpTaxBill. #SenateShowdown. #WhatsInTheBill.<br />

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Breaking News: President Trump's "One Big, Beautiful Bill" just hit major snags in the Senate! Learn how parliamentarian rulings on SNAP, taxes, and healthcare could reshape its impact on your wallet.
#TrumpTaxBill. #SenateShowdown. #WhatsInTheBill.

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00:00Welcome to a special report on President Trump's one big, beautiful bill, a sprawling tax and

00:05spending package that has just seen significant roadblocks in the Senate.

00:09The Senate parliamentarian, Elizabeth McDonough, has struck down key Republican provisions,

00:14potentially reshaping what this legislation means for millions of Americans.

00:19One of the biggest blows came to the Supplemental Nutrition Assistance Program, or SNAP.

00:24The parliamentarian ruled against barring non-citizens and non-lawful permanent residents

00:28from receiving food assistance. She also rejected a controversial Republican proposal to shift a

00:34percentage of SNAP costs onto states based on their error rates and delivering aid.

00:39This particular ruling is a major win for Republican Senators Lisa Murkowski and Susan Collins,

00:45who had strongly opposed the measure, making it easier for the bill to gain their crucial support.

00:50The original Senate draft would have forced states to pay between 5% and 15% of food benefits by

00:562028, potentially costing states like North Carolina hundreds of millions of dollars.

01:02These provisions were found to violate the Byrd Rule, which dictates what can be included in a

01:06reconciliation package that only requires a simple majority vote. If these Byrd Rule violations aren't

01:12removed, the bill will need 60 votes to pass, a much tougher hurdle for Republicans.

01:18Beyond SNAP the parliamentarian also rejected extending the suspension of permanent price

01:22support authority, a traditional part of the farm bill and provisions like allocating $250 million

01:27to Coast Guard stations in South Padre Island, Texas, and $85 million for transferring a space shuttle

01:34to a Texas non-profit. So, what does this mean for your wallet? The core of the bill is to maintain

01:41the 2017 tax cuts and introduce new changes. One positive adjustment for many taxpayers is extra

01:48inflation indexing for most income tax brackets, potentially lowering your tax bill. The widely

01:54used standard deduction is also set to become more generous, with an additional $1,000 for single

01:59filers. And $2,000 for married couples, which could save a typical household hundreds of dollars.

02:07However, there are significant concerns, especially regarding health care. Proposed changes to Medicaid,

02:13including new requirements for recipients and potential new tax formulas for states,

02:18to millions losing health coverage. The expiration of enhanced tax credits for Affordable Care Act

02:24exchange plans could add another 16 million people to the uninsured population by 2034.

02:30The bill also tackles tips and overtime pay, offering deductions that aim to deliver on campaign promises.

02:36The House version proposes a deduction equal to the amount of tips or overtime, while the Senate caps the

02:41tip deduction at $12,500 per individual or $25,000 for married couples, with income limitations.

02:49For homeowners, the contentious state and local tax deduction is a key point.

02:55The House proposes raising the cap to $40,000 for certain income levels, while the Senate currently

03:01keeps the $10,000 cap, though negotiations are ongoing. Seniors 65 and older could see a

03:07bonus deduction, with the Senate proposing up to $6,000 and the House $4,000.

03:14These deductions are designed as a workaround for President Trump's promise to eliminate taxes

03:18on Social Security income, which cannot be addressed through the reconciliation process.

03:24Finally, the estate tax exemption limit is set to increase significantly to $15 million for

03:29individuals and $30 million for married couples, a permanent change that will impact very few estates.

03:36As the Senate grapples with these revisions, public sentiment is mixed.

03:40A Pew Research Center poll shows nearly half of Americans believe the bill will negatively affect

03:45them, while only a quarter foresee a positive impact. The path forward for one big, beautiful bill is

03:52uncertain, but its impact on millions of Americans remains undeniable. We will continue to track this

03:58evolving story. Money Explainers

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Trump's Mega Bill: A Shake-Up for Americans

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