How President Donald Trump's 'Big, Beautiful Bill' could impact consumers, families

PHILADELPHIA (WPVI) -- The "One Big Beautiful Bill," as President Donald Trump still calls it, passed the Senate Tuesday afternoon with Vice President JD Vance casting the tie-breaking vote after more than 24 hours of debate.

The bill now goes back to the House.

If it passes there, it will put many of President Trump's campaign promises into action and many items will directly impact American consumers and families.

From tax credits to cuts to Medicaid, the impacts of this bill would be huge, including the likely loss of healthcare coverage for more than 11 million Americans. But there are also at least a couple provisions that could put a little more money back in some families' wallets.

"This bill does include an increase to the child text credit to $2,200. Right now it is at $2,000," said CPA and Bankrate.com spokesperson, Kemberly Washington.

The bill also includes no tax on tips.

"That could be up to a $25,000 deduction. Overtime pay is also going to see a deduction where you don't need to pay taxes on the overtime pay," says Washington.

But if you're in the market for a new electric vehicle, you better shop now. The bill would phase out the $7,500 tax credit.

And one of the biggest concerns is the bill's impacts on Medicaid. It would add an 80-hour a month work reporting requirement for a large group of recipients, including 80,000 low-income Pennsylvanians, ages 19 to 64 year-old who don't have a disability or a child but qualify for health insurance under the Affordable Care Act via Medicaid expansion.

"These requirements ask you to prove that you're a caregiver or prove that you're working at least 80 hours or prove that you are in college working part time," says Marian Baldini, KenCrest's President and CEO.

Or you must prove you have a disability.

Consumer advocates say many recipients are already working. The issue is with having to report it to the state. It can be a slow, tedious process bogged down in red tape. They point to Arkansas and Georgia, which implemented similar requirements.

"Neither have led to more people working. Instead, they've led to a lot of people losing access to their Medicaid or not being able to enroll in coverage because it's such a nightmare," says Deborah Steinberg of the Legal Action Center.

Advocates also say the numbers just don't add up.

"In the state of Georgia, for example, the cost of that administration was about $9,000 per person. And the cost of the actual healthcare was $4,000," says Baldini.

The bill also includes sweeping changes to SNAP, the Supplemental Nutrition Assistance Program, including adding work requirements for some recipients. The Legal Action Center says if it passes, it would put about 140,000 Pennsylvanians at immediate risk of losing that food assistance benefit.

The bill also includes $300 billion in cuts to federal education programs and slashes funding for the CFPB, the Consumer Financial Protection Bureau.

Critics of the bill also raise concerns about the price tag in general, which is estimated to add over $3.3 trillion to the national debt over the next decade.