One Big, Beautiful Bill (or not)

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

Focus this week has shifted to President Donald Trump's giant tax bill, also officially titled The One, Big, Beautiful Bill Act.

It's certainly big, exceeding 1,000 pages, but there's a lot of debate about what's beautiful about it.

Some highlights include a bigger child tax credit that would help many families, but its new Social Security number requirement is likely to exclude more than four million people from accessing the larger credit at all. It also includes a new $1,000 savings account for babies and kids, which many experts view as a positive.

On the other side, policy experts say the big-ness of this bill will continue to blow up our already ballooning deficit. They estimate the bill will cost about $3.8 trillion, and that's even with savings garnered by cutting people off Medicaid and food stamps with stricter requirements. None of that - the cost or people losing health insurance and food - seems very beautiful, they said.

The lastest tariff victim

Big-box retailer Target slashed its annual sales forecast, after a surprisingly sharp fall in quarterly same-store sales, as customers pulled back on discretionary purchases due to ongoing worries about inflation and the economy due to U.S. President Donald Trump's trade war.

• On a media call, Target executives declined to provide details on potential price increases due to tariffs. Most tariff-related increases could be offset, they said, but acknowledged that raising prices could be a "last resort."

Goodbye, penny

After 233 years of pennies in our pockets, the U.S. this month will officially end penny production, according to statements from the Treasury Department made public on Thursday.

The U.S. Mint is using the last of its coin blanks to mint the final pennies this week. Treasury told multiple sources that it will stop putting pennies into circulation early next year, according to the Wall Street Journal, CNN, MSN, and Business Insider.

Pennies will still be legal tender, but cash prices will soon be rounded up or down to the nearest nickel.

📰 More stories you shouldn't miss 📰

• Bond investors are spooked by the 'big, beautiful' tax bill. Here's why that matters.
• Work till you drop? America's average retirement age is rising.
• Subaru raises prices as tariff costs hit automakers, market costs surge
• What it would mean if TSA privatized

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