Here are 4 big takeaways from Trump's approved 'Big Beautiful Bill'

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00:00Here are four major ways that Trump's big, beautiful bill might affect your wallet.

00:04First up is a slew of tax policies. The legislation is set to eliminate any taxes

00:09on tips and overtime wages. It also includes a $6,000 tax deduction for seniors making less

00:16than $75,000 a year. The child tax credit would also be permanently raised to $2,200.

00:23The bill would eliminate tax credits for owners of electric vehicles,

00:26homes with solar panels, or energy-efficient heat pumps. And the bill would increase the state and

00:32local tax deduction to $40,000, with 1% increases each year until 2030.

00:37Up next is the repeal of student loan forgiveness. The bill would replace existing income-driven

00:43repayment plans with the repayment assistance plan or a standard repayment plan. The repayment assistance

00:49plan would allow for loan forgiveness after 360 qualifying payments based on the borrower's

00:54income, while the standard repayment plan would require a fixed monthly payment over a period

00:59set by the servicer. The bill would also introduce Trump accounts. These are accounts the government

01:04would start at $1,000 for babies born after December 31, 2024, and before 2029. The money would be

01:12invested, and parents could contribute up to $5,000 a year that can't be touched until the child turns 18.

01:18The last major element of the bill is significant changes for millions who rely on Medicaid and SNAP.

01:24An 80-hour-a-month work requirement would be implemented by the end of 2026 for childless

01:29adults on Medicaid without a disability. And the age range for SNAP benefit recipients subject to work

01:35requirements would be extended to 64 years old. To learn more about Trump's big, beautiful bill,

01:40head to businessinsider.com.