5 under-the-radar pieces of Trump's "big, beautiful bill" that could impact your life

The "big, beautiful bill" is a dense, 940-page bill put together last minute.The big picture: Experts agree the breakneck speed of deliberation over what's in the bill leaves plenty of minutia and changes to sift through."This is not normal," said Harris Eppsteiner, associate director of economic analysis at the Yale Budget Lab. "This pace of legislating is not what you would expect to see of a careful, well-thought-out set of policies that are designed to grow the economy, help people save and help people invest.""I have never seen something like this, to be honest," said Ignacio González, co-director of the Institute for Macroeconomic and Policy Analysis at American University.The latest: The House passed the "big, beautiful bill" Thursday, with Trump expected to sign it Friday.Both Moderate and conservative House Republicans called for adjustments after the Senate made changes, but none were made before the final vote happened.Here's what economic and policy experts said people should watch out for with the "big, beautiful bill" as it heads to President Trump's desk.How BBB impacts gamblingContext: The new bill puts the amount gamblers can deduct from their winnings equal to 90% of their losses for a tax year. This rule would be permanent and start in 2026, said Garrett Watson, director of policy analysis at the Tax Foundation.This means that a hypothetical gambler who won $100,000 but lost $100,000 would have to pay taxes on $10,000 of income.What they're saying: "Even if you break even, you'll still have a tax liability under this proposal," Watson said. "There could be scenarios where folks have a tax liability that matches or exceeds the amount that they earn."Pro poker player Phil Galfond said on X this amendment "would end professional gambling in the US and hurt casual gamblers."Charitable givingWhat to know: Under current law, taxpayers who itemize their deductions can receive deductions from charitable donations, Watson said. The new bill allows those who take the standard deduction to deduct up to $1,000 (single) or $2,000 (joint).Most Americans don't itemize their tax deductions, Watson said, but this gives people the chance to benefit."Many people give at least some things during a year that could qualify," Watson said. "They can take that and then take that deduction from their taxes and it reduces their taxable income, reduces their tax liability at the end of the day. "Car loan interest and the BBBThe current version includes an auto loan interest deductible, which includes provisions that expire in 2028. Some taxpayers could deduct up to $10,000 of annual interest on new auto loans, according to Watson.Loans for used cars would not qualify under the Senate version, Watson said, and the benefit only applies to new autos assembled in the United States.Reality check: Jonathan Smoke, chief economist at market research firm Cox Automotive, downplayed the benefits of it, saying a new loan would see roughly $500 in savings. "The interest payment on an average loan being closer to $3000 in interest in a calendar year and declining over time," he said in an earnings call in June. "So when you factor in what that really means to your taxes of taking the credit, it essentially is not even what a single monthly payment turns out to be."(Disclosure: Cox Automotive is owned by Cox Enterprises, which also owns Axios.)Rising electricity bills due to BBBContext: The bill phases out tax credits for solar and wind projects — meaning that development will slow and consumers will face higher prices.This is happening at a time when electricity demand has risen given its needed for artificial intelligence and data centers. "They're going to face higher electricity" rates, said Natasha Sarin, president and co-founder of the Budget Lab at Yale.Energy economists and others have been predicting prices will rise. Republicans argue that over time, as more generation is added, prices will level out and eventually drop.Consumer protections targeted in BBBFunding for the Consumer Financial Protection Bureau, a small operation that fights big businesses on behalf of American consumers, has been slashed by about half in the new bill.The CFPB has already been limping along after layoffs and legal troubles.The severed funding could lead to hundreds of job cuts and severely disarm a group that has returned billions to American consumers for more than a decade, according to AP."Consumers will be more likely to fall victim to shady financial industry practices, hidden fees, and other scams because of this devastating budget cut," said Chuck Bell, advocacy program director at Consumer Reports, in a statement.Go deeper: The big, beautiful bill has a big image issue

Comments

World news

Andy Beshear confirms he’s eyeing 2028 as he polls high with Republicans in deep red Kentucky

Independent

Comments

Similar News

5 things to watch for in the Canadian business world in the coming week

5 questions about the Democrats’ Tea Party moment

Horror as another baby sitter goes on bloody rampage, stabbing to death girl, 5, boy, 8, and their two dogs

Photographer captures the moment 5,000 birds create an exclamation mark formation in the sky

World news

Andy Beshear confirms he’s eyeing 2028 as he polls high with Republicans in deep red Kentucky

Trump hopes to align with Netanyahu on Gaza war endgame during visit

'We'll never yield': Millions of Iranians unite in mourning

Blue Jays catcher Kirk named to all-star game

Blue Jays catcher Kirk named to all-star game

Police, family of Edmonton teen killed in hit-and-run seek help to ID driver

Next Up: Different Blue Jays helping Toronto win

Palma airport in crisis as 'sewage water' floods in from burst pipe

The Dalai Lama turns 90 amid reaction to succession announcement

Israel's Prime Minister Benjamin Netanyahu visits White House to discuss Gaza ceasefire

Israel’s Deadly Assault on Iran Prison Incites Fury, Even Among Dissidents

RCMP investigate assault of woman in Chestermere on Canada Day

Toronto’s Olivia Chow heads to U.K., Ireland on trade mission

At least 70 have died after catastrophic flooding in Texas - as officials warn ‘wall of water’ could batter region

Brit, 22, ‘falls off boat and gets caught by propeller’ in Magaluf

How Government could fast track Heathrow third runway – by avoiding Nimbys

Live Aid at 40 doesn’t go easy on Bob Geldof

Suriname's parliament elects the country's first female president amid economic turmoil

Boko Haram militants kill 9 people and injure 4 in northeastern Nigeria, authorities say

Israel says it has attacked Houthi targets at three ports and power plant in Yemen

Bo Bichette leads Blue Jays to eighth straight win

Tourist 'nearly sliced in two' by boat propeller in Bahamas holiday hit-and-run

IDF says it killed Hamas commander in cafe strike that killed dozens of civilians

Gaza ceasefire talks begin in Qatar as Netanyahu heads to Washington

Monday Briefing: Floods in Texas Killed nearly 80

Israel’s Deadly Assault on Iran Prison Incites Fury, Even Among Dissidents

Lac-Mégantic marks 12th anniversary as calls for improved rail safety mount

Environment group warns against repealing federal electric vehicle mandate

Man recovering from injuries after ‘defensive’ grizzly bear attack in B.C.

A glimmer of hope in Gaza? Inside the fragile ceasefire push as Trump hosts Netanyahu

Other GOP-led states are considering ‘Alligator Alcatraz’ knock-offs, according to survey

What are the challenges to launching Musk’s new ‘America Party’?

Scott Bessent spars with CNN host over whether Trump’s tariffs count as trade deals

Tesla’s historic decline under Elon Musk in seven charts

Sean ‘Diddy’ Combs got a standing ovation from inmates after acquittal on some charges, lawyer claims

New details emerge on Gaza ceasefire proposal as Netanyahu heads to White House

New details emerge on Gaza ceasefire proposal as Netanyahu heads to the White House

U.S. ramps up pressure on countries ahead of deadline for trade deals

Chantal weakens to a tropical depression but raises concerns of flash flooding in North Carolina

A girls' summer camp cut short by deadly disaster

Major DeSantis contributor was awarded Alligator Alcatraz contract

Chicago woman charged with murder after kids are stabbed inside burning home

Race on to rescue 11 campers still missing in rising Texas floods

‘We thought we’d done our last gig of the year. Then we played the Eurostar’

Ben Stokes cost England this Test

Cam Norrie is the last Brit standing at Wimbledon – and has Alcaraz in his sights

Bessent casts some shade over Musk's new political party

Lion owners arrested after an attack on woman and her 2 children in Pakistan

What is the possible Gaza hostage and ceasefire deal - and what challenges could lie ahead?

Best early Prime Day Deals you don’t want to miss

Elks look for first win of the season at home against the Redblacks

Pope Leo resumes papal tradition of taking summer vacation

Ukraine inks deal to boost drone production as Russia, Kyiv trade strikes

Brit tourist sliced open by boat propeller in Magaluf after 'heavy drinking session'

NATO chief issues chilling WW3 warning over 'Russia and China twin attack'

Hamas security officer says group has lost control over most of Gaza

Explosion rips through Domino's restaurant after car crashes into building

Convicted murderer Lori Bill Germa escapes from Archambault Institution in Quebec

What Canadians’ options are as companies push a return to office

Search for 27 missing girls continues after Texas flash flood kills at least 51