After many months of touting the ‘Big, Beautiful Bill,’ President Donald Trump finally passed it with the approval of the House and Senate.
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How will it affect Americans’ wallets? Most people will win because of this bill, but the Congressional Budget Office projects that lower-income households will lose some money due to the bill.
The office came up with the following projections based on impacts to Social Security and Medicaid. It also assessed each state’s fiscal responses to the bill and “other spending and revenues.”
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The Lowest-Income Households Lose
The Congressional Budget Office mentions that the lowest three deciles of household income will lose from this bill. Here’s the breakdown based on the net effect of the bill:
Lowest 10%: -3.9%
10%-20% range: -1.2%
20%-30% range: -0.4%
The lowest decile is projected to lose an average of $1,559 per year from now until 2034. The Congressional Budget Office assigned net losses of $749 and $312 per year from 2026-2034 for the next two lowest household income deciles, respectively.
The Higher Income Households Get Big Savings
The Congressional Budget Office also highlighted how wealthier households are projected to benefit nicely from the bill. There isn’t much of a jump until you reach the highest decile of earners. Here’s the breakdown:
30%-40% range: 0.1%
40%-50% range: 0.5%
50%-60% range: 0.8%
60%-70% range: 1.1%
70%-80% range: 1.3%
80%-90% range: 1.5%
90%-100% range: 2.3%
Household income for the top decile is projected to increase by $12,044 per year from 2026 to 2034. The second-highest decile is forecasted to save an additional $3,275 per year during that timeframe. The average annual change in resources per household steadily declines from there, in line with the percentages from earlier.
Who Gets Hurt the Most?
Some low-income households that receive Social Security, Medicaid, food stamps and other benefits funded by taxpayers may get hurt, but it depends on your situation.
The bill will affect people who are 19 to 64 years old without dependents and enrolled in Medicaid through the Affordable Care Act expansion. These individuals will have to work 80 hours per month to remain eligible. Volunteering or taking educational programs in that same amount of time will also keep you eligible.
There are exemptions for people who are physically disabled, parents with children younger than 14 and pregnant women.
Who Benefits the Most?
High earners naturally benefit the most from tax cuts since they pay the majority of taxes. The middle class and upper class should see their resources go up as the bill’s policies are enacted.
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This article originally appeared on GOBankingRates.com: Here’s How Much Every Tax Bracket Would Gain — Or Lose — Under Trump’s ‘Big, Beautiful Bill’
