Big Beautiful Bill: The Good And Bad For New Yorkers

Republicans 'Big Beautiful Bill' will help some New Yorkers, but millions will be hurt. Let's break down who will win and who will lose with the new budget. CNN has broken down the people who will benefit most from the bill and who won't. Spoiler alert: many working Americans will lose.

Who Is Better Off From The Big Beautiful Bill?
- Corporate America
- Manufacturers
- Small businesses and partnerships
- High-income Americans

Who Is Worse Off From The Big Beautiful Bill?
- Low-income Americans
- Hospitals
- Clean energy and EVs
- Deficit Hawks

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Student Loan Borrowers - Losers
The so-called 'Big Beautiful Bill' affects millions of New Yorkers who have student loan debt. Options such as SAVE, Pay As You Earn, and Income-Contingent Repayment are being eliminated by the Trump administration, forcing borrowers to choose between two plans - the standard plan or the Repayment Assistance Plan, which requires the borrower to make 30 years of payments before their loan becomes eligible for forgiveness.

Tip Workers - Winners (Some)
Tip workers in New York will be able to deduct $25,000 in tips from their taxable income each year. Garrett Watson of the Tax Foundation told NPR, "If you look at the data on tipped income, that would cover the majority of individuals earning tips in the United States. So, it's still pretty generous for most workers." However, the Executive Director at the Yale Budget Lab, Martha Gimbel, says it won't benefit low-income tip workers in New York very much, since they already don't pay that much in taxes.

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Medicaid Recipients - Losers
Estimates show that 1.5 million New Yorkers will lose their health now that Republicans have passed Trump's "Big Beautiful Bill." New Yorkers will suffer the consequences when it comes to health care, especially in red, rural areas. The areas of the state that heavily vote Republican rely on Medicaid. Per KFF.org,

"Approximately 66 million people – about 20% of the U.S. population – live in rural areas, where Medicaid covers 1 in 4 adults (a higher share than in urban areas) and plays large part in financing health care services. In rural communities, Medicaid covers nearly half of all births and one fifth of inpatient discharges. Overall, federal Medicaid spending in rural areas could decrease by 15% ($119 billion), which is far more than the $15 billion that has been suggested for the rural health fund."

Social Security Beneficiaries - Winners
The One Big Beautiful Bill Act states that 88 percent of Social Security income recipients won't have to pay federal income taxes on their benefits. There is always a catch. The tax relief is temporary and only for a very short period of time. It will take effect in 2026 and will end after 2028. New Yorkers who are aged 65 or older and have an income of up to $75,000 for an individual or $150,000 for married couples can take a $6,000 tax deduction. Per Forbes, the deduction is not actually tied to Social Security because "senators are not allowed to make changes to Social Security through the reconciliation process, which was used to pass the spending bill and allows budget-focused policies to pass with only a simple majority of votes." In addition, the tax relief could spell problems for the Social Security program down the line.

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SNAP Recipients - Losers
Per SILive.com, around 300,000 New Yorkers will lose some or all of their monthly benefits thanks to the Republicans' big beautiful bill. The average household is estimated to lose $220 in benefits each month. Many people believe that SNAP is a handout. But it's not. It primarily helps feed children, the elderly, and people with disabilities in New York State. It also helps to boost local economies, according to research by the federal government, "USDA research shows that investments in SNAP generate $1.54 in economic activity for every dollar spent by recipients, including at grocery stores, farmers markets, and small businesses. In New York alone, $7.4 billion in SNAP benefits annually generate $11.5 billion in economic activity across the State." Also, per the federal government, which allocates SNAP funds, illegal immigrants cannot receive SNAP.

Parents - Winners
Parents will benefit from the Big Beautiful Bill. It's not a huge win, but a win is a win. The Chile Tax Credit is increasing by 10 percent, raising it from $2,000 per eligible child to $2,200. In order to be eligible, parents and guardians can't earn over $200,000 a year, or $400,000 for joint filers. The credit will decrease by 5 percent for every $1,000 over the income limits.

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