BREAKING: Trump’s 'Big, Beautiful Bill' Just Passed - What’s Inside Will Shock You

Guys, this is breaking news. The much anticipated and talked about bill from President Trump that he called, he coined it himself, the one big beautiful bill, it passed through the House of Representatives earlier today, really earlier today, after they had a marathon all night session and they voted on it like six or seven in the morning this morning. Now, there's some shocking changes that are inside of this bill that you need to know about. And it's going to have a major effect on many Americans. And that's one of the reasons I'm doing this particular video, so I can keep you up to par on what's going on, right? First thing I want to do in this video is give you a quick rundown of the bill itself. And then I want to give you a rundown of some of the changes and how these changes are going to affect us everyday citizens, right? Third thing I want to do is go over a real quick article from the Wall Street Journal to sort of sum it all up and give us an idea of where we're going next. Now, this video is for information, guys. Whether this is going to be good for the American people or this bill is going to be bad for the American people. Look, I want you to make up your own mind. I don't want to tell you how to think or what to think. I just want to give you the facts. And I believe that you're smart enough to be able to make an independent decision about what you think and about how you should be preparing in your own life. So with that said, let's jump into it. A quick recap of the bill itself, the original bill. So the original bill, just so we're clear and you know, it offered permanent provision for the 2017 tax cuts to continue. Now those 2017 tax cuts are going to be extended and they're also going to continue the child tax credit deduction. It's increased in this current bill up to $2,500 for four years. Also, this current bill contains no tax on tips and no tax on overtime. And it also includes some tax exemptions on social security for people, I think make an under $75,000 or so. And there's also in the current bill, more money for border security of the border wall and there's more money for defense, right? Also, big piece of the current bill as it stands is work requirements for people receiving Medicaid between the ages of 19 and 64. There's going to be new copays and new reductions to the reimbursements to people that receive Medicaid. And there's also in this bill going to be other cuts to social programs like what we used to call food stamps. It now is called SNAP, but other social programs are going to be cut through this bill. And these cuts to these social programs. Let me say this. These are big cuts to these social programs. So this is really big news for a lot of Americans. Now, these cuts to social programs may not affect you, but they're going to have an effect on somebody, you know, a family member or a friend of the family. Right now, the other thing is this. We have to understand about this one big bill right now is that it's not law at this point. Right. It's made it through the House, but now it has to make it through the Senate, makes it through the Senate. Then it has to go before the president who signs it. Right now, making it through the Senate will probably be a tough task for this bill. Right. So let's jump into what happened overnight and why this is really breaking news, because they made some very, very important changes to the bill in order to get it passed out of the House. Now, Republican leaders, let me say this also, Democrats don't like the bill. Republicans like the bill, but the Republicans are split. Some like it as is. Some don't like it as is. And so the Republican leaders last night, they had to implement several significant changes to address concerns that some of the more conservative far right leaning Republicans had. And just so you know, the bill narrowly passed with a 215 to 214 vote. So just by one vote, it made it out of the House of Representatives. So these last minute changes, they apparently worked. But let's go over what these last minute changes were. The first one is this. The last minute changes accelerated these Medicaid work requirements. So the implementation date for Medicaid work requirements was January of 2029. Well, the changes, the really big change they made overnight is they move that up to December 2026. Now, that's huge. Right now, that change was made to satisfy some of the demands from some of the more conservatives in the House. Right. They wanted quicker reforms to these entitlement programs like Medicaid. And by the way, Medicaid is a state run program to help people that need help with health care. Medicare is a federally ran program to help people that need help with their health needs. So Medicaid, state, Medicare, federal, but Medicaid at the state level, it also receives some federal funding. Right. So when we say Medicaid, we're talking about state, but we know that federal funding is what helps Medicaid. Right. So there were a number of Republicans that did not think that these work requirements for people receiving Medicaid starting in 2029 was appropriate. Right. So just to kind of sum that up, people who are receiving Medicaid previously in this bill, they had a few more years before they needed to get a job to keep their Medicaid health benefits going. Now, the way it's proposed now and went through the House, you only have until December of 2026. Now they got to get a job sooner if they want to keep their Medicaid benefits. Guys, let me know in the comments below your thoughts on moving up the work requirements for people receiving Medicaid from 2029 to 2026. If that was a good thing, an OK thing, a bad thing. Let me know in the comments section below. Now, the second major change overnight to this bill was they increased salt deduction cap, the salt deduction cap now to gain support from Republicans in high tax states, your Californias, your New York, the cap that they set on the state and local tax deduction had to be raised from just ten thousand dollars up to forty thousand dollars for individuals earning up to five hundred thousand dollars. So let me say it in another way. The people earning less than five hundred thousand dollars, which is most of us, could only subtract from our taxable amounts. Ten thousand dollars. Now we can subtract forty thousand dollars. Right. So being able to subtract more from our taxable income with these higher deductions going from ten thousand to forty thousand means that ultimately we'll pay less. Now, that's really going to help out people in the large states that have high taxes like New York and California. See, the representatives from New York and California were really lobbying hard to get that cap raised from ten thousand to forty thousand to help out the constituents in their states. And so with this revision last night, that deduction cap increased, meaning people pay less taxes. Now, the third major change from last night is the reduction of clean energy tax credits. OK, this bill that they put through last night. It expedited or rushed through this whole phase out of these clean energy tax credits. In other words, before the government was giving money to people and businesses who built and wanted to build solar and wind energy to help them. Right. That money that the federal government was giving is going to run out sooner because the bill shot through the opportunity to phase out these clean energy tax credits quicker. Now, the fourth major issue that was changed just last night is the adjustments to what's called the remittance tax. Now, a lot of people don't know what the remittance tax is. Let me explain it to you. The remittance tax is a tax that's placed on money that has already been taxed that you're sending out to another country. So the remittance tax was proposed in the original bill at five percent on overseas remittances. But with the changes from last night, it got reduced to three and a half percent. Now, that's going to alleviate some of the concerns about the financial impact of, say, immigrants in America trying to send money out to their family and friends in other countries. So before people who sent money to family and friends in other countries from America, they had to pay an extra five percent tax on that money. Now, that extra tax is a little smaller at three and a half percent. Now, the fifth last minute change was one that I know my Second Amendment folks out here are going to really love. The fifth last minute change to this big, beautiful bill or whatever you want to call it is the elimination of gun silencer tax. So the bill removed a two hundred dollar tax on the manufacturer of gun silencers. And I know that aligns really nicely with my Second Amendment folks out there. Right. So before, if you made a silencer for a gun, you had to pay two hundred dollars. Now, that two hundred dollars would be typically passed on to the consumer who's going to be buying the silencer. Right. So now that's eliminated. There's not an extra two hundred dollar tax on silencers that has to be paid by the manufacturers anymore because of the change that was made last minute last night. So Second Amendment folks, I know you're happy about that one. Now, the sixth and final change, major change last night in order to get the bill passed, was an odd one. But they renamed the children's savings accounts from the MAGA accounts to Trump accounts. You know, the proposed one thousand dollars that you could open up as a MAGA account. They just changed the name to the Trump account. Now, why did they do that? Probably some type of branding or marketing. Look, I don't know. That one kind of surprised me that they did that. I don't know why they did it, but I wanted to mention it to you. Doesn't make any difference what you call it, but for some reason they changed it. And again, I have no clue about this one. So these last minute changes were really, really important and instrumental in securing the necessary votes to get this bill passed in the House this morning. The legislation, again, now this whole bill, as is, moves to the Senate. Now, guys, I quickly want to go over this article that I found in The Wall Street Journal written just a couple of hours ago about Trump's big, beautiful bill heads now to the Senate where new fights loom. Multi trillion dollar package of tax cuts and spending reductions squeaked through the House. Now, this article talks about President Trump's big, beautiful bill squeezed through the House after a late scramble to get rival factions on board. Next, it goes to the Senate where GOP lawmakers are already making demands and party leaders will once again need to bridge sharp disagreements. GOP lawmakers are Republican lawmakers, Republican senators or Congress members. But in this case, it's senators. It says the more than 1000 page bill passed the House early Thursday morning after Speaker Mike Johnson found a recipe that satisfied just enough lawmakers who approved the measure by just one vote after an all night session. Right. So they're trying to rush this thing through quickly. And you always got to wonder when they start rushing bills through what's really in the bill. Right. You want to take a real close look of what actually what's taking place in the bill. If they're trying to rush something through. Right. You always got to take a little bit closer look or look at it with a side eye when they're moving so fast, because we know Congress has a tendency to move slow. So what is making them move fast right now? Just a question you got to ask yourself. It says Senate Republicans are split. Some are eyeing further spending cuts while others are looking for bigger tax relief or gentler phase outs of clean energy incentives. It says the White House bill is a catch all container for Trump's era for Trump era GOP policies. It extends expiring tax cuts, adds versions of the president's pledge to remove taxes on tips and overtime and pay Social Security benefits and provides new money for border security and the military. It cuts into Democratic priorities such as Medicaid, food aid and higher education. In all, the bill is expected to increase budget deficits by more than 2.7 trillion through the year 2034. It goes on to say that some GOP senators want to try for deeper spending cuts, even as Senate Republicans also insist that some tax cuts temporarily extended by the House be made permanent. Budget hawks pointed to the move by Moody's ratings this month to strip the U.S. of its final triple A credit rating. Okay. Three boroughs have now dropped the U.S.'s credit rating over the last several years. So that's really important. Now, why is that important? Because this bill calls for more than a possible increase of two to three trillion dollars in the national debt. Right. So this is automatically going to raise the debt. And if you can remember back a year ago this time, Republicans were saying, no, we don't need to raise the debt. We need to fight for reducing the debt. This is crazy. We can't keep raising the debt. And then you had Democrats saying, no, we're going to raise the debt. Now, one year later, you say Republicans saying we're going to go ahead and raise the debt. And you see Democrats saying, no, don't raise the debt right now. Very strange. But they flip flop on that issue all the time, depending on what they want. And then it goes on to say in this article that at the top of the list for some lawmakers are deeper cuts to Medicaid. Right. The state federal health care program that ensures low income Americans. Senators might also try to revise a House deal that raises the cap on deductions for state and local taxes to 40,000 from the current 10,000. In other words, keep this in mind. The Senate can make changes to this bill. So keep that in mind as well. And it goes on to say that Senator Rand Paul, the Republican out of Kentucky, opposes the legislation's multi trillion dollar increase in the federal bargain limit, saying that makes him a hard no on it. So you've got these Republicans that are staying with their stance about let's not raise the federal debt. Right. We don't want to go up on this thing. So you've got some hardliners that are Republicans that are over there in the Senate that are going to vote no on this thing more than likely. And then it goes on to say that Medicaid is the biggest target for cost cutting. The House bill reduces federal Medicaid spending by increasing eligibility checks, like I mentioned, imposing work requirements on most able bodied adults through age 64 without dependents and reducing federal Medicaid payments to states that provide health care coverage for immigrants in the country illegally. Now, this article goes on to say that Representative Jason Smith, the Republican out of Missouri, the chairman of the House Ways and Means Committee, said he expected the Senate bill to be 90 percent to 95 percent, similar to the House version, noting that he often talks with his Senate counterpart, Mike Crapo, a Republican out of Idaho. He said the Senate needs to move carefully when making changes, including on such issues as the salt cap that we mentioned from 10,000 to 40,000 that were key to the House passage. So, guys, for you right now, as an American citizen, there is absolutely no better time than right now to get your money right, to get your personal finances together, pay off the debt, build an emergency fund, get started now so that you can find yourself on the better side of all of this in five or 10 years from now. Right. So, guys, I hope I was able to give you a quick rundown, a quick recap of where we are with this bill right now. If you want to know how to build your own personal financial foundation and prepare yourself for the possible shenanigans, right, check out the first link in the description of this video. That is a link to my one on one financial mentoring and coaching. You can also join our Patreon where I dig in a little deeper and I provide one on one help to our VIPs over there on Patreon. Listen, if you got any value at all out of this video, do me a favor and smash the like button and drop a comment below and let me know your thoughts on this bill and on the changes. And if you think the Senate will pass this or will they make some changes? Listen, as I always say, guys, the best person who's going to take care of that old you is the young you guys take good care of yourself and take care of other people. Until the next video, peace.