On Tuesday, the Ways and Means Committee will mark up "The One, Big, Beautiful Bill," aiming to advance President Trump's economic agenda with a focus on pro-family and pro-worker tax provisions. The legislation builds on the 2017 Trump tax cuts, aiming to strengthen the economy by expanding tax relief for middle-class and low-income Americans. The bill seeks to benefit workers, families, farmers, and small businesses.
"This bill delivers on what Americans voted for with President Trump’s promise to put America First – with tax policies that reward hard work, bring jobs back home, increase opportunity, and rebuild the economy for the working class. It puts the interests of low-income, working families ahead of the wealthy by expanding tax relief to those who need it the most – including the President’s priorities of no tax on tips and overtime pay and additional relief for America’s seniors. Small businesses and family farmers will benefit from the certainty provided so they can invest in their futures and grow jobs."
"Under the economic policies of President Biden and Washington Democrats, the wealthy and well-connected benefitted from taxpayer handouts. The Ways and Means Republican tax bill ends special interest giveaways and will hold the woke elite and entities that benefit from the tax code accountable. It will halt the flow of taxpayer dollars to illegal immigrants and China."
"We have an opportunity and a responsibility to secure a brighter future for America’s workers, families, farmers, and small businesses. The legislation that the Ways and Means Committee has brought forward meets this historic moment," said Ways and Means Chairman Jason Smith (MO-08).
The proposed legislation includes making permanent various aspects of previous tax cuts while introducing new measures aimed at supporting American families through increased savings options for education and health care. It also targets rural areas by expanding business deductions intended to stimulate job creation.
The bill aims to address concerns about elite universities benefiting disproportionately from current tax codes by increasing taxes on large endowments. Additionally, it seeks to prevent benefits from reaching illegal immigrants by enforcing stricter requirements for claiming certain credits.
For more details on specific sections of the bill or further information about its implications, resources are available online.
Information from this article can be found here.
