The Big, Beautiful Bill has Passed. What is in it? How Will it Affect Your Money?

There is a lot of confusing info regarding the Big Beautiful Bill.    Forget the noise or the politics. What are the facts on some of the key aspects?   No Tax on Tips: up to $25,000 of tip income is tax-free plus your standard deduction of $15,750 for singles, $31,500 for married filing jointly.    Social Security Tax: Social Security Administration estimates 88% of seniors will no longer pay taxes on Social Security benefits.     - $24,000: average Social Security benefit     - $15,750: standard deduction for singles     -   $2,000: senior deduction     -   $6,000: new senior bonus (Big Beautiful Bill)     - $23,750: Total deductions Taxable Social Security = Zero for average senior   Requires citizenship for Medicaid. Health and Human Services estimate 1.5+ million illegal aliens will lose Medicaid benefits despite not being eligible.   Currently, 14 states offer government healthcare "regardless of immigration status". Taxpayers pay for this.   If you have private health coverage, you pay premiums every month. Many have large deductibles. Most never use it unless absolutely. If a health situation occurs, insurance rarely pays for everything. You could get stuck with huge medical debt.   Illegals have received free healthcare. Government is supposed to benefit citizens. Our government is supposed to promote and protect the principles of the Declaration of Independence: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among those are Life, Liberty, and the pursuit of Happiness. --That to secure these rights, Governments are instituted among Men."    The US is the only country in the world that pays for the medical expenses of people who don't belong here, yet expects our citizens to not only pay our own medical bills but also the medical expenses of  illegals.   I don't think we should have to work hard to pay for benefits for illegals.       Us Government Debt is over $37 Trillion.   The US government's lack of financial responsibility creates an opportunity.   This is the "Golden Era" of fixed assets. The best rates in 40+ years! Insured with guarantees.

 

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