U.S. House of Representatives Speaker Mike Johnson looks at U.S. President Donald Trump signing the sweeping spending and tax legislation, known as the "One Big Beautiful Bill Act," to mark Independence Day, at the White House in Washington, D.C., U.S., July 4, 2025.

Santa Clara County officials fear that Republicans’ “big, beautiful bill” will rip a “seismic tear” in the country’s social safety net as they brace for more than $1 billion in lost federal revenues locally over the next few years.

"I've been warning about the housing crisis here for years, and this bill's cuts to safety net programs like Medicaid and food assistance will make it worse," one council member said.

Every dollar saved on taxes over the new few years could help offset the impact of the numerous safety-net cuts.

A provision tucked inside President Trump’s so-called “big, beautiful bill” will make it harder for thousands of aspiring doctors to finance their education as the country faces a growing shortage in that profession.

New law reduces the number of federal student loan repayment options and caps how much individuals can borrow for higher education.

For a worker making $40,000 or less, standard deductions often already wipe out federal tax obligations. But for someone in the $50,000 to $100,000 range, shielding $12,500 in overtime or $25,000 in tips could move them into a lower tax bracket.

Republican strategist Karl Rove said Thursday the Congress-approved spending package will heavily influence the midterm election cycle next year. “I think it’ll have a huge impact on 2026,

Some of the bill’s changes go into effect later this year, while others won’t start until after the midterms in 2026.