📰 BlankFi Believers | July 2025

Editor's Note

Welcome to another exciting quarter in the Banking and Financial Intelligence vibrant ecosystem! We've got a great newsletter full of insights, events, and stories to keep you informed on BlankFi!

BlankFi’s Fashion & Finance event

Fashion and Finance fans mingled, learned, and elevated both their financial intelligence and their wardrobe! In partnership with the Jevon Terance Fashion Boutique, BlankFi hosted a unique event designed to empower our communities! Attendees sipped on champagne and wine while exploring the latest fashion trends, and got a sneak peek of the beta version of our new BlankFi mobile app!

It's was an evening of empowerment, style, and smart financial choices!

Lorain (Ohio) International Festival Parade

Afterwards the BlankFi Team joined Jevon Terance’s Fashion Boutique team on their float in the Lorain International Parade down Broadway Ave in Lorain, OH.

💸 What the "One Big Beautiful Bill" Means for You

President Trump’s proposed budget, the One Big Beautiful Bill, includes a mix of tax cuts and federal spending changes that will impact households across the country—especially underbanked and underserved communities.

While Trump’s “Big Beautiful Bill” mainly benefits corporations and high-income earners, there are a few parts that will bring short-term positives to underbanked and underserved communities—though they may be limited and temporary. Here's what to note according to Washington Post and AP news.

Key Highlights: What’s in the Bill?

• This bill is a tax overhaul that: Cuts taxes permanently for corporations and the wealthy.

• Gives temporary tax breaks to working families.

• Shrinks or eliminates important deductions.

• Adds trillions to the national debt—meaning future budget cuts to schools, healthcare, housing, and other public programs.

✅ 1. Larger Paychecks (For Now): Some workers in low- to middle-income brackets may see slightly less money taken out for federal taxes. This could mean more take-home pay—money in your pocket now (though it's important to plan ahead, since some of these cuts expire soon).

✅ 2. Increased Standard Deduction: The bill raises the amount of income that isn’t taxed. If you don’t itemize your taxes, this change could reduce how much you owe, especially helpful for lower-income families.

✅ 3. Some Small Business Deductions: There are tax breaks for certain small business owners and gig workers. If you run a small side business (barber, stylist, food vendor, ride-share driver), you may qualify for new deductions that lower your taxes.

⚠️ But Be Careful…

Many of these benefits phase out by 2027, while tax cuts for the wealthy stay. That means working families could pay more later. Other items on the bill are:

Program Cuts: Significant funding reductions proposed for -

• Medicaid & SNAP: May affect access to healthcare and food support.

• Education: Cuts to English learner and immigrant student programs.

• Housing: According to businessinsider.com President Trump’s fiscal 2026 "skinny budget" proposed slashing the HUD budget by about 51%, roughly $45 billion overall.

These changes may shift the financial burden to lower-income households, making personal money management increasingly important.

🔍 Legal and Oversight Changes to Know

According to a Reuters article, the Bill has provision that will weaken court powers.

https://www.reuters.com/world/us/trumps-sweeping-tax-cut-bill-includes-provision-weaken-court-powers-2025-05-30/

A small provision in the bill may limit the power of courts to enforce rulings unless challengers post a monetary bond—something rarely required today. Critics say this could reduce the effectiveness of court oversight on government actions.

Additionally, Executive Order 14215, entitled Ensuring Accountability for All Agencies, would require independent agencies to seek White House Office of Management and Budget's Office of Information and Regulatory Affairs approval for major regulations, consolidating more decision-making within the executive branch.

Why This Matters:

• Access to Justice: Court challenges may become harder for individuals without financial resources.

• Regulatory Oversight: Independent agencies may face new restrictions when creating policies.

📊 How Different Income Groups May Be Affected

Income Group Short-Term Impact Long-Term Outlook

By 2033, low-income households could face losses while top earners see the greatest benefits.

Politico.com shows the Congressional Budget Office (CBO) analysis of the House Republicans’ tax megabill, lists percentages by income group

For Low-Income Families: You might see an extra $300–$500 in your refund now. But by 2027, those benefits expire, and your overall income could shrink by 2–4%. Meanwhile, funding for programs like Medicaid, housing assistance, and food support may get cut to make up for the debt.

For Middle-Class Families: You might get $800–$1,200 back in taxes today. But popular deductions like state/local tax write-offs, education credits, and home loan deductions are getting capped or removed.

Over time, you’ll pay more in taxes while getting less support.

For the Wealthy Top earners and big corporations: They’re walking away with $20,000–$100,000+ in permanent tax breaks.

📉 Why This Matters:

These types of bills widen the wealth gap. They give our communities a quick win, then slowly take it back through expired benefits, rising prices, and shrinking public services.

At BlankFi, we want you to be ready, not reactive.

🧠 BlankFi Wisdom

“Don’t let temporary savings blind you to permanent losses. Learn the rules, so you can rewrite your story.”

We're here to help you break cycles and build legacy, not just survive policy changes. It's time to make easy long term goals!

🧠 Smart Money Moves: How to Stay Prepared

Here are practical steps to protect your finances:

• Track Spending: Understand where your money goes. This way you can budget your spending and mange your money better.

• Save Weekly: Even small amounts add up. Try just saving an extra $10 a week.

• Build an Emergency Fund: Aim for three months of expenses. This way if you loose your job you have a cushion of cash while your pursue your next opportunity.

• Use Local Resources: Access community support for food, housing, and job training.

• Get Educated: Take advantage of free financial literacy tools. Learn about text credits that help you, not just corporations.

• Ask for Help: Trusted community groups can offer guidance.

• Invest in your future—education, side hustles, small business ownership and real-estate.

🌟 We're Here for You

BlankFi is committed to helping you navigate these changes. We offer accessible, community-centered financial tools and education. Stay tuned for our upcoming events, webinars, and resources tailored to your needs.