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Trump’s ‘big beautiful bill’ cuts SNAP for millions of families: Report

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1 year ago

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People shop at a grocery store in Manhattan, New York City, on April 1, 2025.

Spencer Platt | Getty Images

Republicans’ “big beautiful” reconciliation package includes tax cuts that policy researchers have found primarily benefit the wealthy. 

To help pay for that, the legislation also includes “substantial” cuts to the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps, according to research from the Urban Institute.

The changes will cause 22.3 million families to lose some or all of their SNAP benefits, according to the institute, a nonpartisan provider of policy research. Its analysis is based on the legislation passed by the Senate, which the House did not change before voting for the bill, signed into law by President Donald Trump.

SNAP currently provides basic food assistance to more than 40 million people, including children, seniors and nonelderly adults with disabilities, according to the Center on Budget and Policy Priorities, a nonpartisan research and policy institute.

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Of the 22.3 million families who will be affected by the legislation’s changes, 5.3 million would lose at least $25 per month in SNAP benefits, according to Urban Institute’s analysis.

On average, those families would lose $146 per month in SNAP support, the Urban Institute found.

The Congressional Budget Office has estimated the changes in the Senate reconciliation bill would cut SNAP funding by about 20%, or $186 billion through 2034. That makes it “the largest cut to SNAP in history,” according to the Center on Budget and Policy Priorities.

How the ‘big beautiful bill’ cuts SNAP benefits

Currently, many individuals are limited to three months of SNAP benefits every three years unless they are working for 20 hours per week or qualify for an exemption.

The new legislation will expand those requirements to individuals ages 55 through 64, parents of minor children ages 14 and up and veterans. It is unclear when those new rules go into effect.

Those new work requirements may throw even working people who qualify off benefits if they do not report their eligibility properly, according to Elaine Waxman, senior fellow at the Urban Institute.

Around 3.5 million working families, who have at least one family member working during the year, would lose at least $25 per month in benefits, or $108 per month on average, Urban Institute’s research estimates.

That estimate is based on families who may not consistently meet the required work hours, according to Waxman. However, because additional households may lose eligibility if they fail to properly comply with the administrative process, the total could be higher, she said.

'Big beautiful bill' concerns are the dramatic cuts to Medicaid, social safety net: Harvard's Furman

Additionally, the legislation requires states to pay for a portion of benefit costs, ranging from 5% to 15%, if their payment error rate is at or over 6%. The error rates measure the accuracy of states’ eligibility and benefit payments. In fiscal year 2024, states had a 10.9% average payment error rate, with many states over 6%, according to the Department of Agriculture.

States that can’t pay those shares may have to cut SNAP benefits or opt out of the program entirely, according to the Center on Budget and Policy Priorities.

While states will have until 2028 to start helping to pay for SNAP benefits, they will likely be aggressive in getting their error rates down sooner, according to Waxman.

“I think that we will start to see SNAP declines for administrative reasons in the near future as states struggle with that,” Waxman said. “I do think the effects will be felt sooner.”

Even if families’ eligibility for SNAP hasn’t changed, they could fall off the program if they fail to get recertified for benefits, which can lead to hardship, Waxman said.

Children who are eligible for SNAP may also see cuts in school meals and in summer EBT, or electronic benefits transfer, food benefits, according to CBPP.

The law also limits SNAP eligibility to U.S. citizens and lawful permanent residents.

How SNAP cuts affect the economy

Every dollar spent on SNAP generates $1.54 in benefit for local economies, according to 2019 research from the U.S. Department of Agriculture’s Economic Research Service.

“People do spend SNAP dollars right away,” Waxman said, which helps grocery stores, producers, processors and transportation companies.

Those funds can help to support hiring even during downturns, she said.

However, following the new law, states may be more likely to cut benefits during a recession if their budgets are stretched, according to CBPP.

“Typically, in a recession, more people need SNAP and the rolls go up,” Waxman said.

If the changes under the new law prompt the program’s administrative capacity to become stressed, SNAP may not be as well suited to respond to people’s needs as it has been in the past, she said.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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