Here's a detailed look at how the massive tax and spending bill, dubbed by Republicans as President Trump's ?One Big Beautiful Bill Act,? will impact a broad spectrum of Americans - from seniors and students to parents and low-income families. The bill, passed by the Senate with Vice President JD Vance's decisive vote, still needs to be aligned with the House's version before heading to Trump's desk, likely by July Fourth. Though versions differ, the main features are clear: an extension of Trump's 2017 tax cuts, funding for the border wall, and cuts to social safety net programs like Medicaid and food assistance.

Medicaid enrollees face new hurdles

Millions on Medicaid, especially those enrolled through the expansion, will confront a strict new work mandate requiring 80 hours a month of work, volunteering, schooling, or job training. This applies to adults aged 19 to 64, including parents of teens 14 and older. States would also review eligibility more frequently, with enrollees paying fees up to for some services. Reduced federal funding may push states to cut benefits or tighten enrollment, while added paperwork and verification could complicate access. The bill also delays some Biden-era rules designed to ease Medicaid access. The Congressional Budget Office (CBO) projects nearly 12 million more uninsured Americans by 2034, largely because of these Medicaid changes.

Food assistance tightened

Recipients of SNAP benefits (food stamps) will also face expanded work requirements, extending to adults 55-64, parents of teens 14+, veterans, former foster youth, and homeless individuals. States may have to start covering portions of benefit and administrative costs, potentially leading some to scale back eligibility or withdraw from the program. Future growth in food stamp benefits would be limited.

Affordable Care Act coverage could shrink

Those relying on Obamacare exchanges might struggle with tougher enrollment and subsidy verification. The bill would end automatic reenrollment and raise barriers, potentially leaving millions without coverage.

Broader healthcare impacts

Even those not directly on Medicaid or SNAP could feel the fallout. Hospitals, especially in rural areas, warn that Medicaid funding cuts may force closures, reduce services, or cause layoffs. Independent grocers caution that reduced federal support for food programs could harm local retailers that supply jobs and groceries, especially in underserved communities.

State governments under pressure

With federal support for Medicaid and SNAP slashed, states face tough budget choices. They might cut benefits or eligibility or divert funds from education, infrastructure, or other areas. The bill also limits state and local taxes on providers like hospitals and requires states to share more costs of food assistance.

Tax relief mainly a continuation

Many taxpayers will see the extension of individual income tax cuts from 2017, including lower rates and a nearly doubled standard deduction. For most, this looks like business as usual rather than new relief. Some will benefit from a bigger child tax credit and a temporary increase in state and local tax deduction caps. The Tax Policy Center estimates an average tax cut of ,900 per household, but this varies widely.

Seniors get a temporary boost - some lose out

From 2025 to 2028, seniors receive a ,000 increase in their standard deduction, phasing out for higher earners. This partially fulfills Trump's campaign pledge to eliminate taxes on Social Security. However, Medicaid cuts threaten lower-income seniors who rely on it for Medicare premiums, long-term care, and dental services.

Student loans tightened

The bill caps graduate student and parent borrowing, reduces deferment and forbearance options, limits lending for part-time students, and scales back Biden-era loan forgiveness programs.

Big tax hike for wealthy private colleges

While tax cuts dominate, private universities with large endowments face a sharp increase in their endowment income tax - from 1.4% up to 8% for schools with over million per student, impacting institutions like Harvard, Yale, and Stanford.

Car buyers get mixed news

Buyers of new American-made cars can deduct up to ,000 in interest on loans, a perk. Conversely, electric vehicle tax credits, worth up to ,500, will end by September, cutting support for green car buyers.

Parents receive bigger child tax credits, but also face trade-offs

The child tax credit grows permanently to ,200 per child, phasing out at higher incomes. However, parents with children 14 and older must meet work requirements to keep Medicaid and SNAP benefits, risking loss of aid.

Babies get a government-funded investment account

From 2025 to 2028, newborns will receive a ,000 government deposit into an indexed investment fund. Parents can add up to ,000 yearly, but funds are locked until the child turns 18. Originally called the ?baby bonus? or ?MAGA account,? this program resembles proposals from some Democrats.

Temporary tax breaks for tipped and overtime workers

Workers earning tips could deduct up to ,000 of tip income from federal taxes, and those earning overtime up to ,500, through 2028. High earners making over 0,000 are excluded.

Renewable energy tax credits cut short

Tax incentives for solar and wind projects will end earlier, in 2027, accelerating their phase-out.

Immigrants face tougher eligibility and higher fees

Federal benefit eligibility narrows for many noncitizens, including refugees, asylees, and victims of abuse. Fees for asylum, work permits, humanitarian parole, and immigration court filings will rise.

The wealthy get the lion's share

While all income groups receive tax cuts, 60% of the benefits go to the top 20% earning over 7,000, with average tax savings around ,500. Lower-income households see modest reductions, averaging 0. When factoring in safety-net cuts, lower earners could see net losses.

Millionaires may lose unemployment benefits

Thousands who earned over million and claimed unemployment in recent years would no longer qualify under the new bill.

Elon Musk voices strong opposition

Musk criticized the bill on social media, condemning the deficit-increasing tax cuts and loss of EV credits, calling it ?political suicide? for Republicans and a blow to future industries.

National debt concerns grow

The Congressional Budget Office projects the bill will add .3 trillion to the deficit over ten years. Despite Republican claims to the contrary, the trillion national debt will rise. The bill also raises the debt ceiling by trillion, allowing more government borrowing. Higher debt could push interest rates up, making loans and mortgages more costly for Americans.

Trump's long-sought border wall funding included

Finally, the bill allocates .5 billion for border wall construction and billion for detaining undocumented immigrants - funding that eluded Trump during his first term.