Trump’s Tax Bill: How will it affect your money

WASHINGTON - President Donald Trump’s tax bill has cleared the House and is now making its way through the Senate.

Supporters are pushing its benefits for American workers while critics are warning of its potential impact on the national debt.

The legislation is expected to add trillions to the country’s already rising $36 trillion debt.

The bill also includes provisions aimed at benefiting American workers and households. 

Here is a breakdown of how these changes could affect your finances, according to FOX Business.

No Tax on Tips 

Service employees may see financial relief as a new proposal eliminates taxes on tips. READ MORE

401(k) for Babies & Child Tax Credits 

A proposed expansion of retirement savings would allow newborns to benefit from investment accounts similar to 401(k)s, while additional child tax credits may be included in the bill. READ MORE

SALT Deduction Increase 

An increase in the state and local tax (SALT) deduction, previously capped at $10,000. READ MORE

Auto Loan Interest Deduction 

Americans who finance vehicles made in the U.S. with an auto loan may soon be able to deduct interest payments. READ MORE

Medicaid Protections

President Trump assured that Medicaid, which provides free health coverage for low-income Americans, will remain intact. WATCH

Food Stamps Cut 

House Republicans have introduced billions in cuts to food stamps, shifting program costs to states and tightening work requirements. READ MORE