What's in it?
- Arri Sendzimir
- Jul 6
- 1 min read
Who knows?
The One Big Beautiful Bill Act (OBBBA; OBBB; BBB), or the Big Beautiful Bill, passed the last congressional hurdle on July 3, 2025, and thus headed to the president's desk for his signature on July 4, which will give it the effect of law.
Here's some of what's in it as it affects you. (See https://en.wikipedia.org/wiki/One_Big_Beautiful_Bill_Act for the full story.)
Federal tax rates stay the same. No increase. HOWEVER
It will become harder to get Medicaid health insurance.
It will become harder to get SNAP (Supplemental Nutrition Assistance Program) food subsidies.
Tax credits for investments in clean energy will be reduced.
Side effects: Keep your eye on the United States' credit rating (if it falls, mortgage rates may rise), long-term US treasures (at 5% or higher, interest rates will rise), and the job security of Jerome Powell (if Trump manages to replace him before Powell's term expires, intrest rates may fall and inflation rise).
For those with an eye to the calendar year end, take a look at https://turbotax.intuit.com/tax-tips/general/taxes-2021-7-upcoming-tax-law-changes/L3xFucBvV?cid=em_55785_NULL_003&pid=129fb88ac4d52484fe7bcb2d5a4d2ee623b&CP5=DR
Have questions? Confused? So are we. Stay tuned.
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