Some of the changes to the program under the One Beautiful Bill Act include imposing stricter eligibility requirements — the most significant being 80-hour monthly work requirements for many adults on Medicaid.

The Trump bill — which was enacted in early July — introduces an additional tax deduction for taxpayers who are 65 or older. The deduction could be up to $6,000 for an individual tax filer and up to $12,000 for a married couple if both spouses qualify.

Buried in Donald Trump’s “big, beautiful bill” was a provision that will give technology group Anduril an almost-guaranteed slice of the roughly $300bn earmarked to modernise the US’s military, defence infrastructure and homeland security.

One organization warns that a dual-earning couple retiring in 2033 could experience a Social Security trust fund cut of $18,100.