Who Wins, Who Loses? Get the full breakdown of President Trump's sweeping new spending bill and its far-reaching effects on Americans. #PoliticsExplained #USPolitics #EconomicImpact #TrumpBillImpact
00:00The extensive spending bill recently signed into law by President Donald Trump is set to dramatically reshape the lives of many Americans.
00:08While some groups may see benefits, others face significant challenges.
00:13Among the most profoundly affected, especially negatively, are low-income Americans and those relying on Medicaid.
00:20This legislation includes a staggering $1.2 trillion in cuts to Medicaid and introduces new work requirements for beneficiaries.
00:31Starting January 1, 2027, able-bodied recipients will need to work 80 hours a month or qualify for an exemption.
00:39This, combined with reduced Medicaid payments to states and increased paperwork, FISAE is projected to result in millions of Americans losing their health insurance.
00:48With over $11 million expected to go without coverage.
00:53Critics, like Democratic National Committee Chair Ken Martin, warn of severe consequences, including loss of critical medical care and even deaths.
01:03For those over 65s, a $6,000 deduction will be available from 2025 to 2029.
01:10These households, typically paying more in taxes, will experience the largest benefits.
01:15This effectively eliminates Social Security tax liability for seniors with adjusted gross incomes of $75,000 or less.
01:25Or $150,000 for married couples filing jointly.
01:30The cap on the federal deduction for state and local taxes, known as SALT,
01:35will be raised to $40,000 starting in 2025, allowing for larger deductions from federal taxes.
01:42This benefit phases out for those earning over $500,000 in reverts to $10,000 in 2030.
01:51It's important to note that this doesn't benefit all seniors, particularly the lowest income who already pay no taxes on Social Security.
01:59Those who claim benefits before age 65 or those above the income threshold.
02:06Families relying on food assistance are also facing substantial cuts with $1.2 trillion slashed from food stamps.
02:15Public opinion, according to a Washington Post-Ipsos poll, largely opposes these reductions in federal funding for low-income families.
02:23The legislation is also seen as a direct repudiation of the agendas of past Democratic presidents.
02:30Rolling back Obama's Medicaid expansion and Biden's renewable energy tax credits.
02:36While President Trump has described the package as big, beautiful and very popular,
02:42polling indicates public opinion remains mixed at best.
02:45This unprecedented spending is earmarked for mass deportation efforts.
02:52With ICE agents reportedly aiming for a quota of 3,000 daily arrests and engaging in widespread detentions.
02:59Often without warrants, the bill also directs about $45 billion towards building and maintaining migrant detention centers.
03:08A move met with significant opposition for immigrants and targeted civilians.
03:15The bill allocates approximately $350 billion towards national security.
03:21Making ICE the largest federal law enforcement agency.
03:25Finally, the American public as a whole faces increased debt.
03:29Nonpartisan agencies project this package will add more than $3 trillion to the national deficit over the next decade.
03:36This rise in U.S. debt is considered unacceptable by about 60% of respondents in a Washington Post-Ipsos poll.
03:45However, not everyone faces negative impacts.
03:49Social Security beneficiaries will see a temporary deduction.
03:52High-income households are expected to see significant gains, as the bill permanently extends the tax cuts.
03:58Introduced in the 2017 Tax Cuts and Jobs Act, individuals in high-tax states will also find some relief.
04:08Workers receiving tips and overtime will be able to deduct up to $25,000 in tips and up to $25,000 in overtime.
04:18A temporary tax law change lasting until December 31, 2028.
04:23Finally, families with children will benefit from a permanent increase in the maximum.
04:29Child tax credit to $2,200 starting in 2025.
04:34With the amount tied to inflation indefinitely.
04:37Democrats have sharply criticized the package.
04:41Labeling it a crime scene and a giveaway to the rich that will harm millions of lower-income individuals.
