What the Big Beautiful Bill Means FOR YOU! | Networth & Chill with Your Rich BFF

00:32:55
https://www.youtube.com/watch?v=HPYockECdw0

Sintesi

TLDRThe video analyzes Trump's "One Big Beautiful Bill," a $4.5 trillion budget reconciliation law that includes tax cuts, spending cuts, and increased border security. The host explains the bill's implications for various demographics, emphasizing that while it offers tax breaks for the wealthy and corporations, it significantly cuts Medicaid and SNAP benefits, adversely affecting low-income families and vulnerable communities. The video highlights the potential loss of health insurance for millions, increased healthcare costs for all, and the risk of rural hospital closures. It also discusses changes to student loans and environmental policies, urging viewers to understand the long-term effects of these changes and to focus on personal financial stability.

Punti di forza

  • 💰 The bill is a $4.5 trillion package with significant tax cuts.
  • 📉 Medicaid cuts could lead to 16 million losing health insurance.
  • 🏥 Rural hospitals may close due to funding cuts.
  • 📚 Changes to student loans make financing education harder.
  • 🌍 Environmental initiatives are rolled back, increasing pollution.
  • 💼 Wealthy and corporations benefit the most from tax breaks.
  • 🍽️ SNAP cuts will affect food assistance for low-income families.
  • 🛡️ Increased border security measures are included in the bill.
  • 📊 Tax cuts take effect immediately, while cuts to services start later.
  • 🔍 Understanding these changes is crucial for financial planning.

Linea temporale

  • 00:00:00 - 00:05:00

    The video discusses the passage of Trump's One Big Beautiful Bill, a comprehensive budget reconciliation law that combines tax cuts, spending cuts, and border security measures, expected to increase national debt significantly. The host emphasizes the complexity of the bill and its potential impacts on various demographics, particularly low-income individuals and families.

  • 00:05:00 - 00:10:00

    The bill includes substantial tax cuts, such as an increase in the child tax credit and changes to state and local tax deductions. However, the host warns that the benefits may not be accessible to everyone due to various stipulations, and the bill's implications for the economy and social services are concerning.

  • 00:10:00 - 00:15:00

    The video highlights the bill's significant funding for anti-immigration measures, including the completion of the border wall and increased border control personnel. The host expresses concern over the inhumane treatment of individuals affected by these policies and the moral implications of such funding.

  • 00:15:00 - 00:20:00

    Defense spending is also addressed, with an increase in the defense budget and the introduction of a new missile defense system. The host notes that this trend of rising defense spending continues, raising questions about priorities in government spending.

  • 00:20:00 - 00:25:00

    Cuts to Medicaid and the SNAP program are discussed, with millions potentially losing health insurance and food assistance. The host emphasizes the broader impact of these cuts on the healthcare system and the economy, highlighting the interconnectedness of these services and the potential for increased healthcare costs for everyone.

  • 00:25:00 - 00:32:55

    The video concludes with a discussion on the bill's long-term effects, particularly on vulnerable communities, education funding, and environmental policies. The host stresses the importance of financial stability and making informed decisions in light of these changes, encouraging viewers to take control of their financial futures.

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Video Domande e Risposte

  • What is the One Big Beautiful Bill?

    It is a comprehensive budget reconciliation law passed by Congress, combining tax cuts, spending cuts, and border security measures.

  • How much is the bill expected to increase national debt?

    The bill is expected to increase national debt by $3.4 trillion over the next decade.

  • Who benefits from the tax cuts in the bill?

    The wealthy and big corporations are expected to benefit the most from the tax cuts.

  • What are the major cuts included in the bill?

    The bill includes significant cuts to Medicaid and the SNAP program, affecting low-income families.

  • When do the changes from the bill go into effect?

    Tax cuts are effective immediately, while Medicaid and SNAP cuts will not take effect until 2027.

  • What is the impact of Medicaid cuts?

    Approximately 16 million individuals could lose their health insurance due to Medicaid cuts.

  • How does the bill affect rural communities?

    Rural hospitals may face closures due to Medicaid funding cuts, impacting access to healthcare.

  • What changes are made to student loans in the bill?

    The bill eliminates the Grad Plus loan and caps Parent Plus loans, making it harder for students to finance education.

  • What environmental impacts does the bill have?

    The bill rolls back clean climate initiatives, likely increasing pollution and health risks.

  • What should individuals do in response to these changes?

    Focus on building financial stability and making smart financial decisions regardless of policy changes.

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Scorrimento automatico:
  • 00:00:00
    Trump's big, beautiful, or butt ugly
  • 00:00:02
    bill has passed. What even is this
  • 00:00:04
    thing? We've tried trickle down
  • 00:00:05
    economics for multiple decades at this
  • 00:00:07
    point, and at no point, at any point in
  • 00:00:09
    time, has this ever worked. I don't
  • 00:00:11
    think people realize that Donald Trump
  • 00:00:14
    and this administration do not care who
  • 00:00:16
    you are. Nearly 16 million individuals
  • 00:00:18
    could lose their health insurance. Just
  • 00:00:20
    because you're not on Medicaid doesn't
  • 00:00:22
    mean this doesn't impact you. So, I
  • 00:00:24
    guess the US is going from broke to
  • 00:00:26
    broker.
  • 00:00:35
    What's up, rich friends, and welcome
  • 00:00:36
    back to another episode of Net Worth and
  • 00:00:38
    Chill. I'm your host, Vivian 2, aka your
  • 00:00:41
    rich BFF and your favorite Wall Street
  • 00:00:43
    girly. As you may have heard, Trump's
  • 00:00:45
    big, beautiful, or butt utly bill,
  • 00:00:47
    depending on who you ask, has passed. A
  • 00:00:49
    lot of people are really scared and
  • 00:00:51
    confused about what this bill actually
  • 00:00:52
    means for them. I mean, with roughly a
  • 00:00:54
    thousand pages, it's not exactly light
  • 00:00:57
    reading, and it's not easy for people to
  • 00:00:59
    understand what this bill even covers,
  • 00:01:01
    let alone how it'll affect them. As a
  • 00:01:03
    quick note, as you listen to this
  • 00:01:04
    episode or watch this episode, just note
  • 00:01:06
    that we are using best estimate numbers
  • 00:01:09
    from policy firms, from research
  • 00:01:13
    institutes. That said, the true impact
  • 00:01:16
    of this bill will not fully be
  • 00:01:18
    understood until we actually start to
  • 00:01:20
    see some of these changes implemented.
  • 00:01:23
    But these are some of the rough estimate
  • 00:01:24
    numbers that we have been able to find.
  • 00:01:26
    So today I'm breaking down the one big
  • 00:01:29
    beautiful bill, what it means for you,
  • 00:01:31
    and when you can expect to see some of
  • 00:01:33
    these changes come into play. Let's get
  • 00:01:35
    into it. So first off, what even is this
  • 00:01:37
    thing? The big beautiful bill,
  • 00:01:38
    officially known as the One Big
  • 00:01:40
    Beautiful Bill Act, is a comprehensive
  • 00:01:43
    budget reconciliation law that was just
  • 00:01:45
    passed by Congress and signed into law
  • 00:01:47
    by President Trump on July 4th, 2025.
  • 00:01:50
    It's Trump's landmark legislation with a
  • 00:01:53
    lot of the policies he's been touting on
  • 00:01:55
    the campaign trail all rolled into one
  • 00:01:57
    giant document. And by giant, I really
  • 00:01:59
    do mean giant. It's almost a thousand
  • 00:02:01
    pages. For a quick summary, it's
  • 00:02:03
    essentially a $4.5 trillion package
  • 00:02:07
    combining tax cuts, spending cuts, and
  • 00:02:09
    additional border security measures.
  • 00:02:11
    This bill is expected to increase our
  • 00:02:13
    national debt by $3.4 4 trillion over
  • 00:02:16
    the next decade according to the
  • 00:02:19
    Congressional Budget Office. As a
  • 00:02:21
    reminder, we are currently $36.2
  • 00:02:24
    trillion in debt. So, I guess the US is
  • 00:02:27
    going from broke to broker. Q broky by
  • 00:02:31
    lotto. So, what is the bill? It's
  • 00:02:34
    basically a giant bill. Get it? But I'm
  • 00:02:37
    This bill was super contentious on both
  • 00:02:40
    sides of the political spectrum. But
  • 00:02:42
    despite all the initial push back, it
  • 00:02:44
    passed. So now we're stuck with it for
  • 00:02:46
    the time being. What are the biggest
  • 00:02:48
    changes? Before we get into what it all
  • 00:02:50
    means, we have to look at some of the
  • 00:02:51
    highlevel changes people can expect with
  • 00:02:53
    this bill. So first up, tax breaks. This
  • 00:02:56
    bill contains about $4.5 trillion in tax
  • 00:02:59
    cuts, which if you were following
  • 00:03:00
    Trump's campaign, is pretty much in line
  • 00:03:02
    with what he promised his supporters.
  • 00:03:04
    This bill includes a slight increase in
  • 00:03:07
    the child tax credit from $2,000 to
  • 00:03:09
    $2,200. It's worth noting that this tax
  • 00:03:12
    credit is only available for people
  • 00:03:13
    making between $2500 and $200,000 for
  • 00:03:16
    single filers and up to $400,000 for
  • 00:03:19
    joint filers. There's also an increased
  • 00:03:21
    cap on state and local tax deductions,
  • 00:03:23
    salt deductions, which is now $40,000,
  • 00:03:26
    up from $10,000. This basically allows
  • 00:03:28
    people to decrease their federal taxes
  • 00:03:30
    owed by taking out what they have
  • 00:03:31
    already paid to their state. There's
  • 00:03:33
    also a new temporary tax deduction for
  • 00:03:35
    tips, overtime work, and auto loans.
  • 00:03:38
    There's lots of business related tax
  • 00:03:40
    cuts in this bill, including up to 100%
  • 00:03:42
    deductions for equipment and research.
  • 00:03:44
    Trump has also made his 2017 tax cuts
  • 00:03:47
    permanent, which reduced the corporate
  • 00:03:48
    tax rate from 35% to 21%. These rates
  • 00:03:51
    were previously set to expire, but will
  • 00:03:53
    now continue. What I want to emphasize
  • 00:03:55
    here is that while at first glance all
  • 00:03:56
    of this sounds great, there are loads of
  • 00:03:59
    stipulations and caveats and exceptions
  • 00:04:01
    and oh by the ways on every single one
  • 00:04:03
    of these changes which will dictate who
  • 00:04:06
    is and isn't eligible. It's not quite as
  • 00:04:08
    simple as these blanket statements might
  • 00:04:10
    make it seem. So it's important to
  • 00:04:12
    acknowledge that depending on where you
  • 00:04:14
    fall in income level or wealth scale,
  • 00:04:17
    you may have more or less access to
  • 00:04:20
    these new benefits. Moving on to
  • 00:04:23
    immigration, Trump has decided to dump
  • 00:04:25
    buckets, and I mean buckets of money,
  • 00:04:28
    into anti-immigration tactics. This
  • 00:04:31
    includes 350 billion dollars for the
  • 00:04:34
    completion of his border wall and to
  • 00:04:36
    create a 100,000 beds in deportation
  • 00:04:39
    camps. Trump is also looking to hire
  • 00:04:41
    thousands of new border control officers
  • 00:04:43
    with signing bonuses. Yes, you heard me
  • 00:04:45
    right. We are now providing signing
  • 00:04:47
    bonuses for border control officers.
  • 00:04:50
    This is incredibly disturbing on so many
  • 00:04:52
    levels. We are literally diverting funds
  • 00:04:54
    for the sole purpose of kicking people
  • 00:04:56
    out of the country, some of whom are
  • 00:04:57
    actual citizens or on their way to
  • 00:04:59
    becoming legal citizens. Furthermore,
  • 00:05:01
    this mass roundup of humans being put
  • 00:05:03
    into detention and deportation centers,
  • 00:05:06
    is just deeply inhumane. It's your
  • 00:05:09
    neighbor, your friends, a parent from
  • 00:05:10
    your kid's school, and even just random
  • 00:05:12
    people who fit the visual bill. Moving
  • 00:05:15
    on to defense. This bill adds about $150
  • 00:05:19
    billion dollar to the defense budget
  • 00:05:22
    with $25 billion going to a new Golden
  • 00:05:25
    Dome missile defense system. What is the
  • 00:05:28
    Golden Dome, you may ask? It's a US
  • 00:05:30
    missile defense system similar to
  • 00:05:32
    Israel's Iron Dome, but it's gold
  • 00:05:35
    because Trump. I've talked about this
  • 00:05:37
    before, but we spent close to$1 trillion
  • 00:05:40
    with a T dollars last year on defense.
  • 00:05:42
    So, it seems like the trend of our
  • 00:05:43
    increased defense spending is going to
  • 00:05:45
    continue. Now, switching gears, let's
  • 00:05:47
    talk a little bit about the major cuts
  • 00:05:49
    to Medicaid. To help compensate for
  • 00:05:51
    reduced tax revenue from highincome
  • 00:05:53
    individuals, Republicans are targeting
  • 00:05:55
    cuts to Medicaid. This bill cuts about
  • 00:05:57
    $1 trillion from Medicaid over the next
  • 00:05:59
    decade and is also implementing a $35
  • 00:06:02
    co-pay for people using Medicaid. One
  • 00:06:05
    thing that I've recently seen in news
  • 00:06:07
    headlines that I found to be incredibly
  • 00:06:09
    disturbing, there was a person who said
  • 00:06:11
    that they voted for Donald Trump to
  • 00:06:14
    spite the liberals and to make the
  • 00:06:16
    snowflakes cry. And unsurprisingly, then
  • 00:06:20
    they found out that they were actually
  • 00:06:22
    the ones being harmed because their
  • 00:06:24
    Medicaid was being cut and they weren't
  • 00:06:26
    going to have access to their
  • 00:06:28
    life-saving medication. And that person
  • 00:06:29
    is now basically attempting to use
  • 00:06:31
    GoFundMe as their health insurance. I
  • 00:06:34
    don't think people realize that Donald
  • 00:06:36
    Trump and this administration do not
  • 00:06:38
    care who you are if you are not rich.
  • 00:06:41
    They see you as collateral damage. So,
  • 00:06:43
    uh I'm deeply disturbed by that. But I
  • 00:06:46
    think it is very important to
  • 00:06:47
    acknowledge that there will be changes
  • 00:06:49
    to Medicaid coming. Now that we've
  • 00:06:50
    talked about medicine, let's also talk
  • 00:06:52
    about food. There are some cuts to
  • 00:06:53
    supplemental nutrition assistance
  • 00:06:55
    program, the SNAP program. $186 billion
  • 00:06:59
    has been cut from SNAP, which helps
  • 00:07:00
    low-income folks with food assistance. I
  • 00:07:03
    think this is going to become a major
  • 00:07:06
    problem because people do need to eat,
  • 00:07:07
    but I'll give you my opinion on that a
  • 00:07:09
    little bit later in this episode. Now,
  • 00:07:11
    that's certainly not everything in the
  • 00:07:13
    bill, but it's some of the most
  • 00:07:15
    important items that will have direct
  • 00:07:17
    financial consequences for you. Before
  • 00:07:19
    you start saying, "Uh-uh, Vivian, this
  • 00:07:21
    is not going to affect me." Just hear me
  • 00:07:23
    out. Let's talk a little bit about who's
  • 00:07:25
    actually benefiting from this monstrous
  • 00:07:27
    bill. Surprise, surprise. It's the usual
  • 00:07:29
    suspects, meaning the wealthy and big
  • 00:07:32
    corporations are going to see the
  • 00:07:33
    majority of the favorable aspects from
  • 00:07:35
    the bill. Corporate America is
  • 00:07:37
    overjoyed. Corporations are going to be
  • 00:07:39
    able to save majorly with these
  • 00:07:42
    permanent corporate tax cuts and
  • 00:07:44
    increased opportunities for writeoffs.
  • 00:07:46
    While the hope is that this stimulates
  • 00:07:48
    the economy, it also leaves the US with
  • 00:07:50
    less revenue from the taxes of the
  • 00:07:52
    largest corporations. My concerns here
  • 00:07:55
    are that we've tried trickle down
  • 00:07:56
    economics for multiple decades at this
  • 00:07:58
    point. And at no point at any point in
  • 00:08:01
    time has this ever worked. When
  • 00:08:02
    corporations and the ultra wealthy make
  • 00:08:04
    more money, that money doesn't trickle
  • 00:08:06
    down to middle class and working-class
  • 00:08:08
    consumers, it gets hoarded. CEOs get
  • 00:08:11
    paid more. Compensation packages for
  • 00:08:13
    seauite executives get bigger. But these
  • 00:08:17
    corporations don't pass this money back
  • 00:08:20
    on to the little guy. Similarly, in line
  • 00:08:22
    with corporations, manufacturers can now
  • 00:08:25
    fully deduct costs of new manufacturing
  • 00:08:27
    facilities built between January 2025 to
  • 00:08:30
    2029, plus get enhanced semiconductor
  • 00:08:34
    tax credits. So, if you're a
  • 00:08:35
    manufacturer, this is likely going to
  • 00:08:37
    benefit you. Additionally, highincome
  • 00:08:39
    Americans, American taxpayers earning $1
  • 00:08:41
    million or more per year will see about
  • 00:08:44
    a 3% increase in their take-home pay
  • 00:08:46
    because of tax cuts, according to CNBC.
  • 00:08:49
    This translates into about an additional
  • 00:08:51
    $75,000 in 2026. According to the Tax
  • 00:08:54
    Policy Center, this bill is certainly a
  • 00:08:56
    win for the 1%. And I've been very
  • 00:08:59
    honest in saying this, that financially
  • 00:09:01
    this bill is a win for people like me,
  • 00:09:04
    that doesn't mean it's good for America.
  • 00:09:06
    And ultimately, even if the richest
  • 00:09:09
    people in this country continue to grow
  • 00:09:11
    and grow their wealth, a country is not
  • 00:09:14
    healthy financially if we don't have a
  • 00:09:16
    strong middle class. Speaking of another
  • 00:09:19
    sector of working folks that is going to
  • 00:09:21
    benefit, tip based workers under a
  • 00:09:23
    program called no tax on tips. TIP
  • 00:09:26
    workers such as restaurant servers,
  • 00:09:28
    barbers, and drivers would be able to
  • 00:09:30
    deduct up to $25,000 in qualified tips.
  • 00:09:33
    So, this would provide some seriously
  • 00:09:34
    immediate financial relief. I do just
  • 00:09:37
    want to stress that this does not mean
  • 00:09:39
    no taxes on tips. It means that you are
  • 00:09:43
    able to not pay taxes on the first
  • 00:09:45
    $25,000 worth of tips that you receive.
  • 00:09:47
    The slogan of the scheme is just a touch
  • 00:09:49
    misleading, so I want to make that
  • 00:09:50
    really clear. Additionally, workers who
  • 00:09:52
    work overtime will also receive a tax
  • 00:09:55
    break up to $12,500 for a single person
  • 00:09:59
    or $25,000 if you're filing jointly. So
  • 00:10:02
    again, another group of winners here.
  • 00:10:03
    For both tax and overtime, the ability
  • 00:10:06
    to deduct these starts to phase out once
  • 00:10:08
    you hit $150,000 as a single filer or
  • 00:10:11
    $300,000 if you're filing jointly. Your
  • 00:10:14
    ability to deduct goes down by $100 for
  • 00:10:17
    every $1,000 you make over those limits.
  • 00:10:19
    If you're wondering if you qualify,
  • 00:10:21
    professions that will benefit from this
  • 00:10:23
    are defined in the bill as food and bev
  • 00:10:25
    workers, barbering and hair care, nail
  • 00:10:28
    care, aesthetics, and body and spa
  • 00:10:30
    treatments. additional professions
  • 00:10:32
    outside of some of these very basic ones
  • 00:10:34
    that do receive tips are subject to
  • 00:10:37
    further review from the IRS and might
  • 00:10:39
    not get this benefit. In my mind, I feel
  • 00:10:42
    like this was very much deliberately
  • 00:10:44
    written this way to leave out potential
  • 00:10:47
    folks like dancers or sex workers um or
  • 00:10:51
    folks that may have jobs that the IRS
  • 00:10:55
    may deem suspicious, quote unquote.
  • 00:10:58
    Important to call that out. It's
  • 00:11:00
    unfortunate uh uh but definitely
  • 00:11:02
    something to keep in mind. Another group
  • 00:11:04
    of folks who are going to benefit high
  • 00:11:06
    tax state residents since the salt tax
  • 00:11:09
    deduction has gone up to $40,000. Those
  • 00:11:12
    in high tax states like California and
  • 00:11:14
    New York could see lower federal taxes
  • 00:11:17
    because when they are calculating the
  • 00:11:20
    actual number that their taxes for the
  • 00:11:23
    federal government are calculated off
  • 00:11:25
    of, they will already be deducting how
  • 00:11:27
    much they've spent on state and local
  • 00:11:29
    taxes. So, this would likely leave more
  • 00:11:31
    money back in their pockets. Now, onto a
  • 00:11:34
    darker half of this conversation. Who
  • 00:11:36
    loses with this bill? Spoiler alert,
  • 00:11:39
    it's our most vulnerable. Who's going to
  • 00:11:40
    be hurt? Well, low-income people and
  • 00:11:43
    families. Rural communities, older
  • 00:11:45
    adults, people with disabilities,
  • 00:11:46
    students from middle class and
  • 00:11:48
    working-class families, and our
  • 00:11:50
    environment stand to lose the most with
  • 00:11:52
    this bill. Here's the breakdown of what
  • 00:11:54
    these communities could expect. For
  • 00:11:56
    low-income families, first and foremost,
  • 00:11:58
    Medicaid cuts. With approximately $1
  • 00:12:00
    trillion in cuts to Medicaid over the
  • 00:12:02
    next decade, nearly 16 million
  • 00:12:04
    individuals could lose their health
  • 00:12:06
    insurance by 2034. This is particularly
  • 00:12:09
    critical for families who rely on
  • 00:12:11
    Medicaid for medical care and services.
  • 00:12:13
    It's also important to note that with
  • 00:12:15
    these cuts to Medicaid, obviously those
  • 00:12:18
    lower inome families stand to lose the
  • 00:12:20
    most. But it also means medical
  • 00:12:22
    procedures and visits are about to get
  • 00:12:24
    more expensive for everyone, meaning
  • 00:12:26
    you. The cuts to Medicaid would
  • 00:12:28
    destabilize the health care system,
  • 00:12:30
    harming providers and increasing
  • 00:12:32
    uncompensated care for patients from
  • 00:12:34
    hospitals. When more people become
  • 00:12:36
    uninsured, when they have medical
  • 00:12:38
    emergencies, hospitals absorb the cost
  • 00:12:40
    of treating patients in emergency
  • 00:12:42
    situations, which then gets passed on to
  • 00:12:45
    other patients and insurers. So, it's
  • 00:12:47
    not just people who rely on Medicaid who
  • 00:12:49
    are going to potentially see increased
  • 00:12:51
    health care costs. Plus, if you don't
  • 00:12:53
    have insurance, you're less likely to go
  • 00:12:55
    in for preventative care because it
  • 00:12:56
    costs more. So, you're only going to get
  • 00:12:58
    treated in emergency situations. The
  • 00:13:01
    health care system is interconnected.
  • 00:13:03
    When one part of that system, like
  • 00:13:04
    Medicaid, gets cut severely, it affects
  • 00:13:06
    the entire system's ability to serve all
  • 00:13:08
    patients, regardless of their insurance
  • 00:13:11
    status. I cannot stress this enough.
  • 00:13:13
    Just because you're not on Medicaid
  • 00:13:15
    doesn't mean this doesn't impact you.
  • 00:13:17
    Poor people don't stop having medical
  • 00:13:18
    emergencies. They just stop being able
  • 00:13:20
    to afford them. When hospitals eat these
  • 00:13:22
    costs, they get passed on to paying
  • 00:13:24
    patients. Furthermore, if people can't
  • 00:13:27
    afford routine medical care, they stop
  • 00:13:29
    going, which might make it hard for your
  • 00:13:31
    rural hospital or medical center to keep
  • 00:13:33
    the lights on. You end up in a medical
  • 00:13:35
    provider desert because other people
  • 00:13:37
    can't afford to see a doctor. Now, back
  • 00:13:40
    to that SNAP conversation we were
  • 00:13:42
    discussing earlier. With these SNAP
  • 00:13:44
    cuts, 22.3 million families stand to
  • 00:13:47
    lose some or all of their SNAP benefits,
  • 00:13:50
    according to the Urban Institute, a
  • 00:13:52
    nonpartisan research and policy center.
  • 00:13:54
    The main reason people are at risk of
  • 00:13:56
    losing access to SNAP is not just
  • 00:13:58
    because of the budget cuts, but also the
  • 00:14:00
    changes in qualifications, specifically
  • 00:14:02
    the new work requirements. Under the new
  • 00:14:05
    requirements, adults aged 55 to 64
  • 00:14:08
    without dependent children, as well as
  • 00:14:10
    parents whose youngest child is 14 or
  • 00:14:12
    older must work at least 20 hours weekly
  • 00:14:16
    or enroll in job training programs. The
  • 00:14:19
    previous age limit was 54. So, this
  • 00:14:21
    would potentially impact about 900,000
  • 00:14:23
    adults who weren't previously subject to
  • 00:14:25
    these work mandates. That's almost a
  • 00:14:27
    million people who are at risk of losing
  • 00:14:29
    access to affordable food. With this new
  • 00:14:31
    work requirement, it'll impact those who
  • 00:14:33
    have disabilities and those who are
  • 00:14:34
    older, but maybe don't qualify for
  • 00:14:36
    disability assistance. They'll still be
  • 00:14:39
    forced to work to keep this benefit or
  • 00:14:40
    risk losing their access to food. I know
  • 00:14:43
    people are like, "Well, if they're if
  • 00:14:45
    they're getting this access, they should
  • 00:14:46
    be working." Call me when you find
  • 00:14:48
    somebody who is actively hiring seniors
  • 00:14:50
    with disabilities. It is very very hard
  • 00:14:53
    to find a job in this current market.
  • 00:14:55
    And furthermore, many of these folks who
  • 00:14:57
    are working may not have the right
  • 00:14:59
    resources to fill out the paperwork
  • 00:15:01
    properly because they are unable to make
  • 00:15:03
    this administrative task one more thing
  • 00:15:05
    on their to-do list. They may lose their
  • 00:15:08
    access to nutritious food. SNAP serves
  • 00:15:11
    as a vital lifeline for working families
  • 00:15:13
    struggling with low wages, seniors on
  • 00:15:15
    fixed incomes, individuals with
  • 00:15:17
    disabilities, or other vulnerable
  • 00:15:19
    populations. The Center on Budget and
  • 00:15:20
    Policy Priorities analysis of 2024 USDA
  • 00:15:24
    data reveals that nearly 2thirds of SNAP
  • 00:15:26
    recipients live in households with
  • 00:15:28
    children, while more than one-third are
  • 00:15:30
    part of working families who still can't
  • 00:15:33
    afford adequate food despite having
  • 00:15:36
    jobs. These people don't just stop
  • 00:15:38
    eating food. They're going to have to
  • 00:15:39
    find new ways to get it. You thought
  • 00:15:41
    going to the grocery store was expensive
  • 00:15:42
    now? Wait until they have to account for
  • 00:15:44
    a higher amount of product loss. See
  • 00:15:47
    what eggs cost then. And overall, I am
  • 00:15:50
    generally more concerned with crime
  • 00:15:52
    going up as more people become more
  • 00:15:55
    financially desperate. The people who
  • 00:15:57
    make the worst choices aren't of a
  • 00:15:59
    certain race, gender, age, or any other
  • 00:16:00
    demographic. It's people who've been
  • 00:16:02
    backed into a corner. And that's exactly
  • 00:16:04
    what we're doing with our most
  • 00:16:06
    vulnerable. Speaking of vulnerable
  • 00:16:08
    communities, rural communities, hospital
  • 00:16:11
    closures, hello. Rural hospitals, which
  • 00:16:13
    rely heavily on Medicaid funding, are at
  • 00:16:15
    risk of closure due to these cuts. The
  • 00:16:17
    National Rural Health Association
  • 00:16:18
    estimates that rural hospitals will lose
  • 00:16:20
    21 cents for every dollar they receive
  • 00:16:23
    in Medicaid funding. Additionally, this
  • 00:16:25
    could force residents to travel long
  • 00:16:27
    distances for health care, increasing
  • 00:16:29
    health risks and costs. When you or a
  • 00:16:31
    loved one is having a heart attack or a
  • 00:16:33
    stroke, minutes matter. Seconds matter.
  • 00:16:36
    So, the closure of these hospitals could
  • 00:16:38
    be costing actual lives. Over 300 rural
  • 00:16:41
    hospitals have already been identified
  • 00:16:43
    as being at immediate risk of shutting
  • 00:16:46
    down with another 742 hospitals also at
  • 00:16:49
    risk of closing. When hospitals close,
  • 00:16:51
    everyone in that community loses access
  • 00:16:53
    to emergency care, specialized services,
  • 00:16:55
    and routine medical providers,
  • 00:16:57
    regardless of their insurance status or
  • 00:17:00
    income level. And circling back to those
  • 00:17:01
    Medicaid cuts, for rural populations,
  • 00:17:04
    nearly one in every four people is
  • 00:17:06
    reliant on Medicaid for insurance. So
  • 00:17:08
    that's a huge portion of their
  • 00:17:10
    populations who are at risk of losing
  • 00:17:11
    coverage. And as I mentioned before,
  • 00:17:13
    this isn't just going to increase the
  • 00:17:15
    cost of health care for people who are
  • 00:17:16
    losing this insurance coverage. It's
  • 00:17:18
    also going to increase costs for
  • 00:17:20
    everyone. The loss of hospital services
  • 00:17:22
    may lead to job losses as well and
  • 00:17:25
    economic downturns in rural areas
  • 00:17:27
    affecting the overall community
  • 00:17:29
    well-being. With fewer hospitals and
  • 00:17:31
    clinics, there's fewer jobs for nurses,
  • 00:17:34
    anesthetists, doctors, surgeons. And I'm
  • 00:17:37
    not even just talking about healthare
  • 00:17:38
    workers. Think about the janitor. Think
  • 00:17:41
    about the cafeteria worker. Think about
  • 00:17:43
    the administrator or the person whose
  • 00:17:45
    job it is to do all of the paperwork.
  • 00:17:48
    the secretary, the person who checks
  • 00:17:50
    people in at the front desk. All of
  • 00:17:52
    these jobs are at risk. Now, let's talk
  • 00:17:54
    a little bit about students, student
  • 00:17:56
    loans, and student repayment. Well, the
  • 00:17:59
    bill is reshaping the student loan
  • 00:18:00
    system as we know it. One of the biggest
  • 00:18:02
    blows for students is the elimination of
  • 00:18:04
    the Grad Plus loan. The Grad Plus loan
  • 00:18:06
    is a federal student loan designed for
  • 00:18:08
    students pursuing graduate studies. The
  • 00:18:10
    elimination of this loan could force
  • 00:18:12
    individuals to take out private student
  • 00:18:14
    loans, which more often than not have
  • 00:18:16
    much higher interest rates, essentially
  • 00:18:18
    forcing anyone who can't pay for
  • 00:18:20
    graduate school to take on serious debt
  • 00:18:23
    that might not even make going back to
  • 00:18:24
    school financially worth it.
  • 00:18:26
    Additionally, the bill puts a cap on the
  • 00:18:28
    parent plus loans at just $65,000 per
  • 00:18:31
    student, which once again forces people
  • 00:18:33
    who want to go to school to take on
  • 00:18:35
    higher interest rate loans. Pell grants
  • 00:18:37
    are also now limited to only full-time
  • 00:18:40
    students. It also reshapes the income
  • 00:18:42
    driven repayment plan as we know it
  • 00:18:44
    today, making it actually less
  • 00:18:46
    beneficial for borrowers. The repayment
  • 00:18:48
    assistance plan, RAP, is based on your
  • 00:18:51
    adjusted gross income and number of
  • 00:18:53
    dependent children. It also provides
  • 00:18:54
    less flexibility on repayment for
  • 00:18:56
    borrowers in financial difficulty than
  • 00:18:59
    previous income-based plans such as
  • 00:19:01
    SAVE. With these changes, you'll be able
  • 00:19:04
    to borrow less overall and have stricter
  • 00:19:06
    loan terms if you don't have rich
  • 00:19:09
    parents or family to rely on. You might
  • 00:19:11
    be out of luck or you'll have to take on
  • 00:19:14
    private loans with much higher interest
  • 00:19:16
    rates. And that's assuming you qualify.
  • 00:19:18
    This is incredibly frustrating for me
  • 00:19:20
    because as the child of two immigrants
  • 00:19:23
    who really valued education, education
  • 00:19:26
    still feels like one of the only true
  • 00:19:29
    guaranteed ways to change and rise up in
  • 00:19:33
    your socioeconomic class. Children from
  • 00:19:37
    workingclass homes or middle-class
  • 00:19:38
    families um won't be able to borrow
  • 00:19:41
    enough from the federal government to
  • 00:19:43
    get some of those good jobs. and I put
  • 00:19:46
    that in quotes, but jobs like doctors,
  • 00:19:48
    lawyers, fancy engineers, things that
  • 00:19:51
    are highpaying. So that access to that
  • 00:19:55
    socioeconomic mobility has really been
  • 00:19:57
    stymied. And furthermore, cutting PEL
  • 00:20:00
    grants so that only people who are in
  • 00:20:02
    school full-time really negates the
  • 00:20:05
    value of part-time schooling for young
  • 00:20:07
    people who may have to work, young
  • 00:20:09
    people who may have to support their
  • 00:20:11
    families. And this just feels incredibly
  • 00:20:13
    unfair and in some ways very cruel. And
  • 00:20:16
    last, but certainly not least, let's
  • 00:20:18
    talk about climate change. Our
  • 00:20:20
    environment certainly will take a hit
  • 00:20:22
    from this bill. This bill gets rid of a
  • 00:20:25
    lot of clean climate initiatives,
  • 00:20:26
    rolling back most of the 2022 inflation
  • 00:20:30
    reduction act. Getting rid of that act
  • 00:20:32
    also rolls back a lot of pollution
  • 00:20:34
    reduction programs and initiatives. And
  • 00:20:36
    it'll likely increase pollution in the
  • 00:20:38
    air, leading to about 430 avoidable
  • 00:20:41
    deaths directly associated with
  • 00:20:44
    pollution every single year and
  • 00:20:46
    increasing medical bills for the average
  • 00:20:48
    American according to the Center for
  • 00:20:50
    American Progress. Furthermore, this
  • 00:20:52
    bill also eliminates the $7,500 tax
  • 00:20:55
    credit for buying electric vehicles. My
  • 00:20:57
    guess is Trump and Musk's breakup was so
  • 00:20:59
    bad that he wanted to hit Musk where it
  • 00:21:01
    hurt, in his wallet. The takeaway here
  • 00:21:03
    is we can expect more pollution and less
  • 00:21:05
    incentives for people to buy smart
  • 00:21:08
    energy vehicles. And overall, people are
  • 00:21:11
    less incentivized to go green. People
  • 00:21:13
    are less incentivized to make smart
  • 00:21:15
    decisions for the environment and for
  • 00:21:17
    our future. And this just really feels
  • 00:21:20
    like us today folks borrowing from our
  • 00:21:23
    future kids because if we don't take
  • 00:21:25
    care of the planet now, they're not
  • 00:21:27
    going to have one to live on in 50, 100,
  • 00:21:30
    150 years. Now, let's talk about
  • 00:21:31
    something that I feel like hasn't been
  • 00:21:34
    spoken about enough. When does this bill
  • 00:21:36
    actually go into effect? What's the
  • 00:21:38
    timing? Well, here's the tricky part.
  • 00:21:40
    The Medicaid cuts will not go into
  • 00:21:42
    effect until 2027, along with cuts and
  • 00:21:45
    changes to SNAP as well. for more
  • 00:21:48
    immediate changes. Trump's 2017 tax
  • 00:21:51
    benefits or tax deductions have
  • 00:21:54
    officially been made into law and are
  • 00:21:55
    effective immediately. Those tax cuts
  • 00:21:58
    were set to expire this year, but now we
  • 00:22:00
    are going to have more of them
  • 00:22:02
    continued. No tax on tips or on overtime
  • 00:22:04
    or temporary and are actually set to end
  • 00:22:07
    on December 31st, 2028 before Trump
  • 00:22:10
    leaves office. My frustration here is
  • 00:22:12
    that the benefits like tax cuts and
  • 00:22:15
    deductions kick in immediately with some
  • 00:22:17
    of them even ending ahead of Trump
  • 00:22:20
    leaving office. But the policies that
  • 00:22:22
    are likely to hurt many people and have
  • 00:22:24
    negative outcomes and backlash don't go
  • 00:22:27
    into effect until after the midterm
  • 00:22:29
    elections. This worries me because many
  • 00:22:31
    Americans don't realize this. So if
  • 00:22:33
    there happens to be changes in our
  • 00:22:35
    representatives during the midterm
  • 00:22:37
    elections, some of the blame may be
  • 00:22:39
    placed on them versus where that eyeire
  • 00:22:41
    should really be directed directly at
  • 00:22:43
    this administration and current
  • 00:22:45
    congressional leaders who passed this
  • 00:22:47
    bill. TLDDR, this is incredibly shady.
  • 00:22:50
    The good stuff happens now and expires
  • 00:22:52
    when Trump leaves, but the bad stuff
  • 00:22:55
    only happens when there could
  • 00:22:56
    potentially be a shift in who our
  • 00:22:59
    Congress people are. Okay, now on to the
  • 00:23:02
    exciting part. We're going to go through
  • 00:23:03
    some Q&A. I source these questions on my
  • 00:23:06
    Instagram stories and these are all
  • 00:23:08
    questions surrounding the big beautiful
  • 00:23:09
    bill. If I don't get to your question,
  • 00:23:12
    you can get on our weight list to be
  • 00:23:13
    able to get your question answered at
  • 00:23:16
    askdally.com.
  • 00:23:18
    This is going to be a tech platform
  • 00:23:20
    where you're going to be able to get all
  • 00:23:21
    of your finance questions answered.
  • 00:23:23
    You're going to be able to source
  • 00:23:24
    information from my backlog of
  • 00:23:26
    knowledge, but also speak to a live
  • 00:23:28
    human CFP. So check it out, askdy.com.
  • 00:23:32
    Let's get into these questions. Very
  • 00:23:34
    first question, do I tip less now that
  • 00:23:37
    weight staff get a tax break and I
  • 00:23:39
    don't? I don't think so. Um,
  • 00:23:42
    transparently, I think your tipping
  • 00:23:45
    should still remain the same. And the
  • 00:23:48
    reason here is this. More often than
  • 00:23:50
    not, folks who are in tipped professions
  • 00:23:54
    are making below the minimum wage.
  • 00:23:56
    That's why they are allowed to be paid
  • 00:23:58
    with tips as well. Um, so your server is
  • 00:24:00
    not making $750, your server is not
  • 00:24:02
    making $15, your server is making $2 and
  • 00:24:07
    change and then those tips are
  • 00:24:09
    supplementing that income. So if you
  • 00:24:11
    choose to tip less because of some of
  • 00:24:13
    these policy changes, um, you could very
  • 00:24:16
    literally be taking food out of their
  • 00:24:17
    mouth. At the end of the day, I think of
  • 00:24:19
    tipped workers in our society as some of
  • 00:24:21
    the hardest working. I am someone who
  • 00:24:23
    has worked unpaid internships. I know
  • 00:24:26
    what it's like to get paid little to
  • 00:24:29
    nothing. And for me, if I am going out
  • 00:24:32
    to eat and I am sitting down and resting
  • 00:24:34
    my butt and this person is running to
  • 00:24:37
    and fro from the kitchen, making sure my
  • 00:24:39
    food is warm and getting me a drink and
  • 00:24:42
    asking and getting that side of ranch
  • 00:24:43
    that I asked for, the least I can do is
  • 00:24:46
    tip 20% when I go out to eat. If I am
  • 00:24:48
    working with a beauty service provider,
  • 00:24:51
    especially someone that I go to
  • 00:24:52
    regularly, um I think it's important to
  • 00:24:54
    tip. Um it's just something that you
  • 00:24:57
    should be doing out of courtesy. And
  • 00:24:59
    frankly, the tipping system, I get it.
  • 00:25:02
    You're probably tip fatigued because
  • 00:25:04
    everybody and their mother is now asking
  • 00:25:06
    for a tip. But I don't think that means
  • 00:25:08
    you need to tip in every scenario. folks
  • 00:25:11
    who do not actually work um service
  • 00:25:14
    jobs. So, you know, when you are going
  • 00:25:16
    to get a Chipotle bowl or there's
  • 00:25:19
    somebody with like an iPad there, um
  • 00:25:21
    they're actually making minimum wage
  • 00:25:22
    behind that counter. They do not rely on
  • 00:25:25
    tips for their livelihood. You need to
  • 00:25:27
    think about what that person is getting
  • 00:25:29
    paid as their base wage. I don't think
  • 00:25:31
    you necessarily need to tip when you're
  • 00:25:32
    getting fast casual, you're going
  • 00:25:34
    through the line, you're picking up your
  • 00:25:35
    lunch, and you're walking out with it.
  • 00:25:36
    But if you sit down, if you go into a
  • 00:25:38
    salon where your stylist needs to pay
  • 00:25:40
    for their chair, if you're going
  • 00:25:42
    somewhere that you are really getting a
  • 00:25:44
    service, tip, tip generously, especially
  • 00:25:47
    if you can afford to do it. Question
  • 00:25:49
    number two, the MAGA child account. Can
  • 00:25:51
    you explain it? I'm assuming you are
  • 00:25:53
    talking about the new Trump accounts.
  • 00:25:55
    Um, this is going to be a new investment
  • 00:25:57
    account for children. So, let's go over
  • 00:25:59
    kind of the pros and cons here. First,
  • 00:26:01
    here are the details. The federal
  • 00:26:02
    government is allocating $1,000 for
  • 00:26:05
    babies born between 2025 and 2028.
  • 00:26:08
    Adults can then also contribute up to
  • 00:26:10
    $5,000 a year into the account. The
  • 00:26:13
    money has to be invested in a US index
  • 00:26:15
    fund. No withdrawals until kiddo turns
  • 00:26:18
    18 and taxes on the growth are paid when
  • 00:26:20
    the money is taken out. The purpose of
  • 00:26:22
    the account is for expenses tied to
  • 00:26:23
    higher education, buying a home, or
  • 00:26:25
    starting a small business. And while I
  • 00:26:27
    do think this program will benefit
  • 00:26:28
    people for two major reasons. One, it's
  • 00:26:31
    universal and automatic, so it's easy.
  • 00:26:32
    And two, it leverages investing starting
  • 00:26:34
    day one of a baby's life, so the baby
  • 00:26:36
    has a lot of time. It does have a number
  • 00:26:38
    of shortcomings as well. First and
  • 00:26:40
    foremost, from a tax perspective, it
  • 00:26:42
    definitely isn't the most tax advantaged
  • 00:26:44
    account out there. The tax treatment on
  • 00:26:46
    529 plans and custodial Roth IAS are
  • 00:26:49
    better since they grow tax-free.
  • 00:26:52
    Furthermore, Roth IAS offer taxfree
  • 00:26:54
    withdrawals and you can take out
  • 00:26:55
    contributions penalty-free at any time.
  • 00:26:58
    and 529s offer tax-free withdrawals for
  • 00:27:01
    educational costs and they unlock state
  • 00:27:03
    tax benefits in over 30 states. Two,
  • 00:27:06
    Trump accounts are regressive, meaning
  • 00:27:08
    rich and poor families get the same
  • 00:27:10
    $1,000, but because rich families are
  • 00:27:12
    more likely to keep contributing,
  • 00:27:14
    they're likely to receive outsized
  • 00:27:16
    benefits from these accounts. And three,
  • 00:27:18
    the fine print on these accounts is
  • 00:27:20
    complicated. For example, only half of
  • 00:27:22
    the cash value can be taken out between
  • 00:27:24
    the kids 18th and 25th birthdays. And no
  • 00:27:27
    surprise, wealth-b buildinging programs
  • 00:27:29
    work best when they provide ease of use.
  • 00:27:31
    They have to be simple. So, while these
  • 00:27:34
    accounts are going to help many
  • 00:27:35
    families, I don't want to deny that.
  • 00:27:37
    They're also just one more policy
  • 00:27:39
    designed by and for the usual suspects,
  • 00:27:41
    people who are likely already rich and
  • 00:27:43
    least likely need the help. Question
  • 00:27:45
    number three, 2026 bride here. Should I
  • 00:27:48
    take money out of my investment account
  • 00:27:49
    now for deposits and before the market
  • 00:27:52
    dips? Absolutely not. Uh, I do not
  • 00:27:55
    encourage you to take out money from
  • 00:27:58
    your investment account for your
  • 00:28:00
    wedding. Um,
  • 00:28:02
    that should just be the first statement,
  • 00:28:03
    period. Blanket statement. But
  • 00:28:05
    furthermore, I think you are making a
  • 00:28:08
    big assumption about the market dipping
  • 00:28:10
    and trying to time that. We don't know
  • 00:28:12
    when that's going to happen. If it's
  • 00:28:14
    going to happen in the next 6 months, we
  • 00:28:15
    don't know. I wish I had a crystal ball
  • 00:28:17
    for you. Um that said, I think I would
  • 00:28:20
    be really mindful personally about
  • 00:28:22
    making large expenditures at this point
  • 00:28:25
    because there feels like there's a lot
  • 00:28:27
    of economic certainty to come. What I
  • 00:28:29
    would hate to have happen is you
  • 00:28:31
    currently have a strong investment
  • 00:28:33
    account. You are planning for your
  • 00:28:34
    wedding. You take money out of that
  • 00:28:37
    investment account to pay for that
  • 00:28:38
    wedding. And then all of a sudden, God
  • 00:28:40
    forbid, knock on wood, I hope it does
  • 00:28:43
    not happen, maybe you or your partner
  • 00:28:45
    gets laid off. And all of a sudden, not
  • 00:28:49
    only do you not have money coming in the
  • 00:28:50
    door, you can't even rely on that
  • 00:28:52
    investment account when you might
  • 00:28:54
    actually really need it for housing or
  • 00:28:56
    food. So, this is all to say, please
  • 00:28:59
    consider having a wedding that is in
  • 00:29:01
    within your budget and does not require
  • 00:29:03
    you to dip into your saving account,
  • 00:29:05
    your emergency fund or your investment
  • 00:29:08
    accounts. Will social security be
  • 00:29:10
    taxfree? Uh, hilariously, given how much
  • 00:29:13
    this administration has talked about it,
  • 00:29:16
    no, social security will not be taxree.
  • 00:29:18
    That said, this bill does provide some
  • 00:29:20
    tax relief for seniors, aka folks who
  • 00:29:22
    are 65 or older. Qualified seniors, aka
  • 00:29:25
    those whose modified adjusted gross
  • 00:29:27
    income is up to $75,000 or $150,000 for
  • 00:29:31
    joint filers, would get a $6,000 tax
  • 00:29:34
    deduction. But long story short,
  • 00:29:37
    overall, no. Social Security will not be
  • 00:29:39
    taxfree. And last but not least, are we
  • 00:29:42
    cooked? I feel like a Jenzer submitted
  • 00:29:45
    this one. Um, so are we cooked? Like yes
  • 00:29:49
    and no. Um, some of these policy changes
  • 00:29:52
    is certainly are certainly going to hurt
  • 00:29:55
    some communities in America. Some of
  • 00:29:58
    these policy changes are going to
  • 00:29:59
    benefit some communities in America. And
  • 00:30:01
    depending on where you sit and where you
  • 00:30:03
    stand, you will either likely, you know,
  • 00:30:07
    be on the receiving or the, you know,
  • 00:30:09
    the receiving end of these benefits or
  • 00:30:11
    the the the end of the spectrum where
  • 00:30:13
    you have to give up some of the things
  • 00:30:15
    you are currently receiving. That said,
  • 00:30:17
    here's my opinion on it. No matter who
  • 00:30:19
    the president is, no matter what
  • 00:30:21
    administration is in charge, they can
  • 00:30:24
    make whatever policies they're going to
  • 00:30:26
    make, and we have very little control
  • 00:30:28
    over that aside from electing
  • 00:30:30
    representatives who truly fight for our
  • 00:30:32
    values and our needs. But we cannot
  • 00:30:35
    dictate this policy. What you can
  • 00:30:37
    dictate though is how you live your
  • 00:30:38
    life. Whether you're budgeting
  • 00:30:40
    appropriately, whether you're setting
  • 00:30:41
    money aside and saving it in a high
  • 00:30:43
    yield savings account, whether you are
  • 00:30:45
    investing for the future, and regardless
  • 00:30:47
    of who the president is, and regardless
  • 00:30:50
    of what policies are passed, you should
  • 00:30:52
    continue to make smart financial
  • 00:30:53
    decisions for you and yours, because
  • 00:30:56
    that is the only thing you can control.
  • 00:30:58
    And no matter what happens, making smart
  • 00:31:01
    money decisions is going to put you in
  • 00:31:03
    the best possible position to have the
  • 00:31:05
    most opportunities to be able to make
  • 00:31:07
    your decisions out of a place of
  • 00:31:09
    security. And that is never going to
  • 00:31:11
    change, no matter who is in the White
  • 00:31:12
    House. To wrap us up today, this bill
  • 00:31:14
    represents one of the largest wealth
  • 00:31:16
    transfers upward in recent history. The
  • 00:31:19
    rich are getting richer, disguised as
  • 00:31:21
    tax relief for all. While some
  • 00:31:23
    provisions genuinely help working
  • 00:31:25
    people, like tip tax elimination up to
  • 00:31:28
    $25,000, the slashing of essential
  • 00:31:30
    social services is going to cost people
  • 00:31:33
    in all income brackets more. The
  • 00:31:34
    healthare system cuts alone will create
  • 00:31:36
    a cascade of problems affecting everyone
  • 00:31:38
    regardless of your income level. And
  • 00:31:40
    when rural hospitals close and millions
  • 00:31:42
    lose insurance, the entire system
  • 00:31:43
    becomes more expensive and less
  • 00:31:45
    accessible. While researching this
  • 00:31:47
    episode, I swear I thought my head was
  • 00:31:49
    going to explode. I just need to state
  • 00:31:51
    that this information isn't easy to
  • 00:31:54
    find. Yes, we can see the big headlines
  • 00:31:56
    and the shocking numbers, but the
  • 00:31:58
    smaller details and when things go into
  • 00:32:00
    effect and how it's actually going to be
  • 00:32:02
    implemented is much harder to parse
  • 00:32:04
    through. No matter the changes, all we
  • 00:32:06
    can do is focus on building financial
  • 00:32:08
    stability with the tools and resources
  • 00:32:10
    we personally have access to. I wish I
  • 00:32:12
    could leave you on a much brighter note,
  • 00:32:14
    but the takeaway here is don't give up.
  • 00:32:17
    We are still in control of our own ship.
  • 00:32:20
    We are the captain. No matter who the
  • 00:32:22
    president is, you are still in control
  • 00:32:24
    of your life. See you next week,
  • 00:32:26
    besties. Thanks for tuning in to this
  • 00:32:28
    week's episode of Network and Chill,
  • 00:32:29
    part of the Vox Media Podcast Network.
  • 00:32:32
    If you like the episode, make sure to
  • 00:32:33
    leave a rating and review and subscribe
  • 00:32:35
    so you never miss an episode. Got a
  • 00:32:38
    burning financial question that you want
  • 00:32:39
    covered in a future episode? Write to us
  • 00:32:41
    via podcast atyourichb.com.
  • 00:32:44
    Follow net worth and chillpod on
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    Instagram to stay uptoate on all podcast
  • 00:32:47
    related news. And you can follow me at
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    yourrichb for even more financial
  • 00:32:52
    knowhow. See you next week. Bye.
Tag
  • Trump
  • One Big Beautiful Bill
  • tax cuts
  • Medicaid
  • SNAP
  • healthcare
  • rural communities
  • student loans
  • environment
  • financial stability