WASHINGTON – American families, workers, small businesses, and manufacturers will soon receive the largest tax cut in American history thanks to The One, Big, Beautiful Bill, which passed the House of Representatives by a vote of 218-214 today. The legislation now heads to President Trump’s desk for his signature.

Ways and Means Committee Chairman Jason Smith (MO-08) said, “For two years, the Ways and Means Committee has been preparing for this moment, and thanks to President Trump’s overwhelming victory in November, a historic, pro-growth, pro-America tax bill that delivers on the president’s promises to American workers and families will soon become law. Permanency for the successful provisions of the 2017 Trump tax cuts, no tax on tips, no tax on overtime pay, no tax on car loan interest, and tax relief for seniors, along with tax incentives that reward businesses who manufacture more in the U.S. and hire more American workers will soon usher in the Golden Age of America.

“This legislation will not only be transformational for the American economy, ensuring that it works for working class Americans, not against them, but it also provides the largest one-time investment in border security in American history. It takes necessary steps to rein in out-of-control spending by making the largest cut to mandatory spending in American history. This bill is nothing short of the greatest piece of Republican legislation in a generation, and I look forward to President Trump signing this bill into law.”

Background on The One, Big, Beautiful Bill:

• The typical family will get up to $10,900 in additional take-home pay.
  
• Workers will see increased wages up to $7,200.
  
• Households earning less than $100,000get a 12 percent tax cut compared to today.
  
• Up to 7.2 million jobs protected and created, and 1 million new jobs annually by small businesses.
  
• No tax on tips, overtime pay, car loan interest, and tax relief for seniors will put more money annually in Americans’ pockets, $1,300 per tipped worker specifically, and $1,400 for hourly workers.
  
• Locks in and further boosts the doubled Child Tax Credit to $2,200 for more than 40 million American families.
  
• Locks in and further boosts the doubled Standard Deduction, increasing it to $31,500 for families.
  
• Expands 529 education savings accounts and educational freedom 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 and small businesses by expanding access to the child care credit and making permanent the paid leave tax credit. Enhances the Adoption tax credit to help more families experience the joy of adoption and grows the child and dependent care credit as well as FSAs.  
  
• Puts American families in control of their health care by expanding health savings accounts.
  
• Eliminates fraud and waste in Obamacare and blocks access to taxpayer-funded health benefits for illegal immigrants.
  
• Starts building financial security for America’s children at birth with the creation of new Trump savings accounts.