President Donald Trump's budget proposal is making waves with its promise of massive tax cuts and deep spending reductions.
$880 billion in cuts over the next decade
Stricter work requirements for recipients
Rolling back Medicaid expansion, affecting up to 21 million Americans
More frequent eligibility checks, making it harder to stay enrolled
Relief Option: If you lose Medicaid coverage, you may qualify for low-cost healthcare options through HealthCare.gov or state-funded programs like Medicaid alternatives and CHIP for children.
$330 billion in funding cuts
Potential elimination of free/reduced school meals for low-income students
Scaling back the SAVE student loan repayment plan, making college more expensive
Relief Option: Students can explore federal Pell Grants, work-study programs, and state-funded tuition assistance through their school’s financial aid office or StudentAid.gov.
$230 billion in proposed cuts to SNAP
Stricter work requirements could disqualify thousands of recipients
Reduced benefit amounts could make affording groceries harder
Relief Option: Families struggling with food security can check Feeding America for food bank locations or apply for Women, Infants, and Children (WIC) benefits for supplemental nutrition.
Wealthy Americans earning over $5 million get an average $280,000 tax cut per year
Middle-class households ($65,000 - $116,000 income) see about $1,000 in tax savings
Elimination of taxes on tips, Social Security, and overtime pay, costing the government $750 billion over a decade
The proposal still needs Senate approval, but it could bring the most significant overhaul of federal spending in recent history if passed.
While tax cuts may benefit some, many Americans could face reduced healthcare access, higher education costs, and less food security.
If you're worried about these cuts, explore alternative government assistance programs at Benefits.gov or reach out to local aid organizations for help.
Staying informed is key—check your eligibility for financial assistance today.
Previous article: The Best States for Retirees: No Social Security Taxes Here
-
Don’t miss out on the latest updates and insider tips that can supercharge your financial and entertainment life.