U.S. Secretary of the Treasury Scott Bessent issued a statement following the passage of the One, Big, Beautiful Bill Act. He highlighted the significance of this legislative achievement as a pivotal moment for American workers and families.
"The passage of the One, Big, Beautiful Bill has set the stage for the coming Golden Age as we prepare to celebrate the 250th year of our great nation," Bessent stated. He credited President Trump’s leadership alongside Speaker Johnson and House Republicans, in collaboration with Leader Thune and Senate Republicans, for what he described as "the biggest legislative win" that prevents a historic tax hike.
Bessent elaborated on the bill's impact: "The One, Big, Beautiful Bill will unleash the full potential of the U.S. economy." The legislation includes permanent tax cuts aimed at families, workers, and job creators. It introduces measures such as No Tax on Tips and No Tax on Overtime while offering new tax cuts for seniors.
He also emphasized that this legislation aims to strengthen essential programs while reducing wasteful spending. "This consequential legislation cements the blue-collar boom and improves the lives of Americans on every rung of the economic ladder," he said.
Reflecting on past economic policies, Bessent noted similarities with previous reforms: "As we saw after the passage of the 2017 Trump Tax Cuts, American businesses will hire, invest, and raise wages now that this Administration and Republican Congress have delivered certainty and stability for the economy."
