Q&A: Benefits for families with children under the recently passed 'Big, Beautiful Bill'

President Trump's 'Big, Beautiful Bill' has passed both chambers of Congress and is now heading to his desk to be signed into law.

While critics disagree with the administration's rationale for adjusting eligibility for services like Medicaid and believe the plan could grow the country's deficit, an Oklahoma nonprofit says families with children can expect some benefits.

Q: What changes are being made to the child tax credit?

A: The child tax credit, currently $2,000, is set to increase to $2,200. Only $1,600 of the credit will remain a refundable portion.

"You have to have one parent who will have a Social Security number," said Joe Dorman, CEO of the Oklahoma Institute for Child Advocacy. "So, you have to document that at least one parent is a citizen of the United States to qualify for that."

Dorman said there are some provisions that will require families to consult with a tax expert to determine if they qualify.

Q: What are 'Trump Accounts'?

A: "These Trump accounts, as they're called, will be implemented," Dorman explained. "It's going to be a $1,000 put toward a child with the encouragement that you would invest into these savings accounts, so that child will have that money as they grow older."

Parents can contribute up to $5,000 annually to their child's 'Trump account'. Any child born between Jan. 1, 2025, and Dec. 31, 2028 would be eligible.

Q: How does 'no tax on tips' impact Oklahomans?

A: Service workers who receive tips will be eligible to take a tax deduction

"You're going to have to file your taxes to be able to qualify for that saving on up to your first $25,000 that you would accrue on tips," Dorman said. "So, it's a large number, but you think about the tips that people receive in Oklahoma, being a tip wage state, where you have a sizable amount of your income actually comes from those tips. It's not going to be the savings that people expect."