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The Daily Money: Big changes ahead for your finances

Daniel de Visé   Paste BN

Good morning! It’s Daniel de Visé with your Daily Money.

The so-called 'One Big Beautiful Bill,' which is now law, is nearly 900 pages, chock full of provisions that could boost the finances of everyday Americans. But who has time to read it all?

Here are some of the bill’s tax and spending highlights, and when they start and finish, if they do.

Child care credits are coming

Sarah Foster, 35, quit her job in the summer of 2024 after the stress of parenting and working full-time led to anxiety, depression, vascular disease and chronic pain. She said she was constantly cobbling together child-care plans.

Foster's husband is a physician, and she describes her family as middle- to upper-class. Still, she worried about their ability to cover child care for her two kids without dual incomes.

Several changes in the new tax-and-spending law target parents such as Foster. They include the biggest increases to child-care tax programs in a generation.

NYC mayor candidate: Let's tax the rich

In her unsuccessful 2024 presidential campaign, Democratic candidate Kamala Harris pledged to preserve most of Donald Trump’s 2017 tax cuts, with at least one notable exception: She would have raised taxes on the wealthiest Americans.  

Now, the Democratic nominee for mayor of New York is floating a similar proposal. Among other plans, Zohran Mamdani wants to raise income taxes on the wealthiest New Yorkers by 2%. 

Taxing the rich to raise revenue has worked before. Would it work now? 

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

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