When the dust settles from a major legislative fight, we reporters shift to focus on how this will affect you.
But this “news you can use” approach can also obscure some broader issues, such as what effects the new law will have on the country as a whole.
So for our final newsletter on the megabill, we’re going to address how the bill will affect both you as an individual and the United States as a whole.
Are you on Medicaid?
If you are an able-bodied adult, you’ll need to work, volunteer or attend school for 80 hours a month (with some exceptions), starting in 2027. You’ll also face more frequent eligibility checks and may have up to a $35 co-pay for a doctor’s appointment.
Are you on SNAP benefits?
If you’re younger than 65, you’ll also face those same work requirements starting in 2027 to receive Supplemental Nutrition Assistance Program benefits, often referred to as food stamps.
Do you think the death rate will go up?
Public health researchers at Yale University and the University of Pennsylvania estimated that those new restrictions and other provisions would lead to more than 51,000 deaths each year.
Do you get tips at your job?
You can deduct up to $25,000 in tips. (Less, if you make more than $150,000 a year.) But your job needs to be on a list that will be published in the next three months. This will expire in 2029.
Do you work overtime?
You can deduct up to $12,500 in overtime pay, or $25,000 for a couple. (Less, if you make more than $150,000 a year.) This will expire in 2029.
Do you want to buy a car?
You can deduct up to $10,000 in interest on a loan for a new U.S.-made car. (Less, if you make more than $100,000.) You probably won’t reach the limit, as the average new car loan has $4,450 in interest over its entire term.
Do you want to buy an electric car?
You won’t be able to get the current $7,500 tax credit for buying a new electric car after Sept. 30 or the credit for purchasing and installing a home charging station after June 30, 2026.
Are you worried about climate change?
The law phases out solar and wind power incentives and boosts oil, gas and coal. One early model predicted an 8%-12% increase in carbon dioxide emissions over the next decade.
Are you expecting a child?
You will get a new “Trump Account” with $1,000 in it for children born between 2025 and 2028. You can put up to $5,000 in it each year, but they can’t withdraw the money until they are an adult.
Do you have children?
You will pay $200 less on your taxes per kid, up to a total of $2,200. If you are poor, you might get some of that back in cash. If you are rich, you might get less off your taxes.
The law will likely make it worse. It is the most regressive of any major law in decades, literally taking money from the poor and giving it to the rich in the form of tax deductions and credits. You can deduct more money that you paid in state and local taxes, up to $40,000. (Less, if you’re rich.) That’s helpful if you live in a high-tax state. The new, higher limit expires in 2030. Your federal student loan options are worse. You can now choose between a fixed payment for 10 to 25 years or a 30-year loan tied to your annual salary. A new tax on college endowments will cost some top private schools hundreds of millions of dollars each year, which means less for scholarships and other spending. You won’t be able to borrow as much. Your total loans are now capped at $100,000 for grad school or $200,000 for professional students. You can deduct another $6,000 from your taxable income, as long as you make $75,000 or less (or $150,000 or less for a married couple). This also expires in 2029. The law will add $3.4 trillion to the national debt over the next decade, according to the Congressional Budget Office. (The White House disagrees.) That will likely result in higher interest rates in the future. Subscribe to the Project 47 newsletter to receive weekly updates on and expert insight into the key issues and figures defining Trump’s second term.
Ryan Teague Beckwith is a newsletter editor for MS NOW. 
Are you worried about social inequality?
Do you live in California, New York or Hawaii?
Do you want to go to college?
Do you want to go to Harvard, Yale or Princeton?
Do you want to be a doctor or lawyer?
Are you older than 65?
Do you care about the national debt?
