A local financial advisor weighed in on the impacts President Trump’s “Big Beautiful Bill” may have on finances, savings and social programs.
David Neely expects taxes to stay low, which he views positively in the short term, although the long-term effects on the country remain uncertain.
“Short-term it’s a good time, long-term maybe not so much,” said Neely.
Neely also addressed the topic of investments, noting that only about 56% of people with access to a 401(k) plan actually contribute to it, leaving 44% who do not.
His advice for anyone worried about their investments is not to panic.
“Life really won’t change for a lot of people in this country if all the things we’re talking about come to pass for the big beautiful bill,” he said. “They’re not saving anyway, but for the other 56% who have access to prequalifying plans like 401(k) and are contributing, I would say stay the course.”
However, Neely highlighted that both Medicaid and SNAP benefits will see a significant impact due to the bill’s provisions. As previously reported, these programs are set to be cut significantly under the ‘Big Beautiful Bill.’
Approximately two million people in North and South Carolina combined receive SNAP benefits, which could be affected by these cuts.
While the “Big Beautiful Bill” is expected to keep taxes low, its broader implications, particularly on social programs like Medicaid and SNAP, remain a concern for many.
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