Here's what the budget bill ed by the House of Representatives means for your money

House Republicans unveiled a multibillion-dollar tax and spending package on Thursday that could have a profound impact on household finances.

If ed, the legislation, called the "One Big Beautiful Bill Act", could make permanent President Donald Trump's 2017 tax cuts, while adding new provisions that could significantly reform student loans, health savings s and car ownership, among other changes.

With control of Congress, Republicans can use "budget reconciliation" to the package, which only needs a simple majority in the Senate.

However, the more than 1,000-page bill is likely to undergo changes in the upper house before Trump signs it into law.

These are some of the provisions that could affect your pocketbook.

Higher "SALT" deduction limit

Enacted through the Tax Cuts and Jobs Act (TCJA) of 2017, a $10,000 limit is set on the deduction of state and local taxes, known as SALT.

Taxpayers must itemize deductions to claim them.

Higher child tax credit

Trump's 2017 tax cuts temporarily increased the maximum child tax credit from $1,000 to $2,000, an increase that will expire after 2025 if Congress does not act.

The House bill would make the $2,000 credit permanent and raise the limit to $2,500 between 2025 and 2028. After 2028, the maximum value of the credit would revert to $2,000 and be indexed to inflation.

However, the plan does not benefit the 17 million children who are left out of the current $2,000 tax credit at all, Kris Cox, director of federal tax policy at the Center for Budget and Policy Priorities, previously told CNBC.

The reason is that families with very low incomes with children generally do not owe federal taxes, which means they cannot claim the child tax credit in full.

Cuts to Medicaid and SNAP

To finance the bill's tax cuts, House Republicans have included about $1 trillion in cuts to Medicaid and the Supplemental Nutrition Assistance Program ( SNAP), the largest in the history of these programs.

As a result of changes to the bill, including stricter work requirements to access programs, 14 million people could lose their health care coverage, while 3 million households could lose food assistance, according to able.US, an independent watchdog group.

'Bonus' deduction for older adults

Adults aged 65 and older with low or middle incomes will be able to deduct an additional $4,000 on their tax returns, according to the of the House bill.

The full deduction, referred to as a "bonus" in the legislation, would apply to individual taxpayers with up to $75,000 in modified adjusted gross income and married couples with up to $150,000.

The tax deduction reduces the amount of seniors' income subject to tax and therefore could also reduce their taxes owed.