Luise Krewson MddN
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#OneBigBeautifulBill AARP (Getty Images 2)
President Donald Trump signed legislation on July 4 that will have a broad impact on taxes, health coverage, nutritional assistance, and other financial supports that American seniors depend on.
The House of Representatives passed the bill on July 3 with a vote of 218 to 214, ending a debate that began in May when the House narrowly approved its original version. This measure, known as "One Big Beautiful Bill," subsequently went to the Senate for consideration.
After making significant changes to the House version, the Senate passed the bill on July 1 with a vote of 51 to 50, with Vice President JD Vance breaking the tie to send the measure back to the House for final approval.
With more than 900 pages, the legislation will affect the financial lives of American seniors in various ways, from a new temporary tax deduction for individuals over 65 to a reduction in federal funding for food assistance. Cuts to Medicaid funding and the Affordable Care Act (ACA) could result in nearly 12 million people losing their health insurance by 2034, according to an analysis by the Congressional Budget Office.
President Donald Trump signed legislation on July 4 that will have a broad impact on taxes, health coverage, nutritional assistance, and other financial supports that American seniors depend on.
The House of Representatives passed the bill on July 3 with a vote of 218 to 214, ending a debate that began in May when the House narrowly approved its original version. This measure, known as "One Big Beautiful Bill," subsequently went to the Senate for consideration.
After making significant changes to the House version, the Senate passed the bill on July 1 with a vote of 51 to 50, with Vice President JD Vance breaking the tie to send the measure back to the House for final approval.
With more than 900 pages, the legislation will affect the financial lives of American seniors in various ways, from a new temporary tax deduction for individuals over 65 to a reduction in federal funding for food assistance. Cuts to Medicaid funding and the Affordable Care Act (ACA) could result in nearly 12 million people losing their health insurance by 2034, according to an analysis by the Congressional Budget Office.
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