The so-called “Big Beautiful Bill” has become federal law. This recently passed sweeping reform which promises to fundamentally change a range of programs that many Americans rely on. Many of the proposed cuts will not take effect until after the 2026 mid-term elections. Here is a summary of a few programs that will be affected, including what to expect, how it might affect you, and when the impact is likely to be felt:
Medicaid work requirements
Who: Adults aged 19 – 64 will be required to work 80 hours per month in order to qualify for Medicaid.
When: Work requirements could take effect in December 2026, with additional cuts expected to take place in 2028.
Supplemental Nutrition Assistance Program (SNAP)
Who: The upper age limit on work requirements has been increased from 54 to 64, with some exemptions for parents of children under the age of 14.
When: This change is expected to take effect shortly.
Social Security tax break
Who: Those aged 65 and up, who are collecting social security, can take an additional $6,000 tax deduction.
When: The credit begins this year, but will expire in 2029.
These are just a few of the changes included in the bill, which also impacts college lending, green energy credits and taxes on tips.