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When you hear about tax cuts, it’s easy to think, “Finally, some relief!” That’s exactly how many people felt when the Big Beautiful Bill was signed into law. It promises bigger standard deductions, tax breaks for tips and overtime, and an expanded child tax credit.
But here’s the catch: not everyone benefits equally, and many experts are warning about hidden risks. Whether you’re a working parent, a small business owner, or someone dealing with IRS issues, it’s important to understand how this bill might affect your wallet—and your future.
Who Really Benefits From the Bill?
The bill does give tax cuts to most people—but higher earners benefit the most.
According to the Tax Policy Center, households earning over $217,000 could get a $12,500 tax break.
In contrast, households earning under $35,000 might only receive around $150, which is just 0.8% of their income.
So, while everyone may get something, the biggest savings go to those already earning more.
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What’s Being Cut to Pay for the Bill?
To cover the cost of these tax breaks, the government plans to cut spending on programs like Medicaid and SNAP (food stamps).
Medicaid could lose $912 billion over 10 years
SNAP would face stricter rules and budget reductions
The CBO (Congressional Budget Office) predicts up to 11 million people could lose health insurance by 2034
These cuts could hit lower-income families the hardest—especially those who depend on these services for medical care and food assistance.
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Will It Add to the National Debt?
Yes. Despite the budget cuts, the bill will increase the federal deficit by about $3 trillion over the next 10 years.
Economists warn that this could:
Hurt long-term economic growth
Reduce private investment
Lead to future tax hikes or deeper program cuts
In short, while the bill offers short-term savings for some, the long-term cost could come back to taxpayers later.
Will My Bills Go Up?
Another side effect: energy costs.
The bill rolls back green energy incentives, which experts say could cause electricity bills to rise:
$40–$300 more per year by 2030
Up to $640 annually by 2035 for some households
And for gamblers, there’s a new twist: caps on gambling loss deductions may create “phantom income,” meaning you could owe taxes even if you broke even at the casino.
The Big Beautiful Bill is being marketed as a win for all—but the reality is more complicated. Some may benefit, while others could be left behind. If you’re unsure where you stand or already facing IRS issues, let Priority Tax Relief help you navigate it with clarity and confidence.
Frequently Asked Questions: Big Beautiful Bill
Who benefits most from the Big Beautiful Bill?
Wealthy individuals earning over $217k/year benefit the most. Lower earners get smaller savings.
Is everyone getting a tax cut?
Most will see some relief, but the amount varies greatly based on income.
Will I lose Medicaid or food stamps?
You could, especially if you’re a single adult without children. The bill adds stricter work requirements.
How will this affect my energy bills?
With fewer renewable energy incentives, your electric bill may go up over the next decade.
What about gambling taxes?
New caps may increase your taxable income, even if you didn’t win overall.
Will this bill raise or lower the deficit?
It increases the national deficit by about $3 trillion over 10 years.
