WASHINGTON, D.C. – American families, farmers, workers, and small businesses will soon see a massive surge in economic growth, wage gains, and higher incomes thanks to President Trump’s One, Big, Beautiful Bill which passed the U.S. House of Representatives today and now heads to the Senate for consideration.

Ways and Means Chairman Jason Smith (MO-08) issued the following statement:

“Today marks a major milestone in delivering lasting tax relief to the American people. The One, Big, Beautiful Bill locks in the successful 2017 Trump tax cuts and builds on that foundation with bold, pro-growth reforms that will strengthen families, workers, farmers, and small businesses. Families stand to gain over $13,000 in take-home pay, and workers could see wage increases of more than $11,000. More than 7 million jobs will be secured in the next four years through enhanced small business relief and made-in-America incentives that reward hiring and investment here at home. Parents will benefit from an expanded, inflation-adjusted Child Tax Credit and an enhanced standard deduction. Family farmers will finally get peace of mind, with a doubled death tax exemption that protects their generational lands and livelihoods. We are delivering President Trump’s promise of no tax on tips, overtime, auto loan interest, and tax relief for seniors which will put more money in the pockets of millions of Americans every year.

“This bill represents an historic opportunity to deliver economic freedom for working families, farmers, and small businesses. The House has acted. Now the Senate must do its part and send this bill to President Trump’s desk.”

The One, Big, Beautiful Bill makes permanent the successful 2017 Trump tax cuts and includes critical pro-growth policies that will cut taxes by an additional $1,300 for a family of four and deliver higher wages and incomes for millions of Americans. A recent report from the Council of Economic Advisers shows the legislation will produce up to $13,300 more in take-home pay for a typical family and up to $11,600 more in wages for American workers.

Click here to read Chairman Smith’s opening statement from the House debate on The One, Big, Beautiful Bill.

The One, Big, Beautiful Bill Is Pro-Growth Tax Policy
Permanent extension of the Trump tax cuts, alongside additional pro-growth policies, will fuel a resurgence in economic growth:

• America’s real gross domestic product (GDP) to increase by an estimated 5.2 percent over the next four years and 3.5 percent in the long term. 
• 9.8 to 14.5 percent boost in investment in the next four years and a 4.9 to 7.5 percent boost in long-term investment. 
• 6.6 to 7.4 million full-time jobs saved or created in the next four years and 4.2 million saved or created in the long term. 

FACT SHEET: The One, Big, Beautiful Bill Fuels America’s Economic Growth

The One, Big, Beautiful Bill Makes Families & Workers Thrive Again

• Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike.
• Saves the average American family from a $1,700 tax hike – the equivalent of 9 weeks of groceries.
• Delivers an additional $1,300 tax cut for the average American family.
  • Delivers up to $11,600 in higher wages per worker.
  • Delivers up to $13,300 more in take-home pay for a family with two children.
• Delivers on President Trump’s priorities of no tax on tips, overtime pay, car loan interest, and tax relief for seniors that will put more money annually in the pockets of millions of Americans:
  • Up to $1,750 for overtime workers.
  • $1,700 for tipped workers.
  • Up to $450 for seniors.
• Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
• Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
• Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
• Supports working families by expanding access to child care and making permanent the paid leave tax credit. 
• Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
• Starts building financial security for America’s children at birth with the creation of new savings accounts.

FACT SHEET: The One, Big, Beautiful Bill Puts American Workers First

FACT SHEET: The One, Big, Beautiful Bill Champions Life and Puts American Families First

The One, Big, Beautiful Bill Makes Rural America & Main Street Grow Again

• Expands the 199A small business deduction to 23 percent and makes the deduction permanent – creating over 1 million new Main Street small business jobs annually and generating $750 billion in economic growth at American small businesses.
• Renews 100 percent immediate expensing for equipment and machinery, 100 percent immediate expensing for research & development in the U.S., and increased deductions for interest expenses, and supports the expansion of new production factories and growing operations in America by allowing 100 percent expensing for new factories, improvements to existing factories, and other production facilities.
• Stops the Democrats’ attack on the gig economy by repealing their 1099-K gig worker rule that would have required Venmo, PayPal, and gig transactions over $600 be reported to IRS.
• Reduces paperwork burden for small businesses and workers by increasing the 1099-MISC threshold to $2,000.
• Makes permanent and increases the doubled Death Tax Exemption for 2 million family-owned farms.
• Renews Opportunity Zone program to spur over $100 billion in new investment over the coming decade with enhancements to target rural distressed communities.
• $284 billion of new economic growth from American manufacturers.

FACT SHEET: The One, Big, Beautiful Bill Makes Rural America Great Again

The One, Big, Beautiful Bill Makes America Win Again

• Holds woke, elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.
  • Increases the university endowment tax and subjects the largest endowments to the corporate tax rate.
  • Increases tax on massive non-profits that resemble hedge funds and pay their employees huge salaries.
• Ends $500 billion in Biden-era tax breaks and special interest giveaways to the wealthy, big corporations, and China.
• Eliminates special interest tax breaks for billionaire sports team owners.
• Prevents taxpayer benefits from going to illegal immigrants by requiring a Social Security number for individuals claiming tax credits and deductions, ending illegal immigrant eligibility for Obamacare premium tax credits and Medicare, and applying new fees on remittance payments from illegal immigrants to outside the U.S.

FACT SHEET: The One, Big, Beautiful Bill Makes America Win Again

Read more about The One, Big, Beautiful Bill  here.