Kerra Bolton
4 min read
President Donald Trump’s “big, beautiful bill,” which has passed in the House of Representatives, has sparked fierce debate. While the bill promises growth and relief in some areas, it also introduces cuts, cost shifts and structural changes that could impact everything from healthcare premiums to loan payments — and affect the budgets of everyday Americans.
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Here are five key ways this sweeping legislation could affect your wallet.
One of the bill’s most consequential provisions is the move to make the 2017 tax cuts permanent. Experts said these tax cuts could extend financial relief to many individuals and families, encouraging long-term economic growth.
“These tax cuts provide much-needed relief to small businesses and individuals and encouraged billions of dollars in economic activity and investment,” said Javier Palomarez, founder and CEO of the United States Hispanic Business Council. “Extending these cuts would allow businesses to invest and grow at a faster rate.”
He explained that these cuts could have a positive impact overall. “Extending these cuts could have a far greater, and a more positive impact than changes to SNAP or Medicaid,” he said.
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One overlooked consequence of the bill is how it could quietly raise the cost of borrowing across the board. From home mortgages to car loans, everyday Americans could find themselves paying more to afford basic milestones.
“The proposed legislation could increase your expenses by increasing your mortgage payments for a house,” said Steven Conners, founder and president of Conners Wealth Management. “Mortgage rates are high but still going up. Furthermore, this doesn’t count higher loan rates for car loans and other purchases that are more significant in price, where we ordinarily buy them through a loan which is based off the bond market.”
He added that the bond market is already reacting to the bill, signaling that borrowing costs could keep rising. With national debt on the rise and no clear ceiling for interest rates yet, Conners said that the overall trend points toward more expensive loans.
According to a bill analysis by the Center on Budget and Policy Priorities, by 2034, about 16 million people could lose health coverage and become uninsured due to a variety of proposals in the bill, including Medicaid cuts.
