WASHINGTON, D.C. – The Ways and Means Committee voted today to provide tax relief for families, workers, small businesses, manufacturers, and farmers. The One, Big, Beautiful Bill, makes the successful 2017 Trump tax cuts permanent, provides additional tax relief for working families and small businesses, rewards investment and manufacturing in America, and holds woke elites accountable while ending tax giveaways to the wealthy, China, and illegal immigrants. These provisions will provide small businesses, manufacturers, and farmers the certainty and confidence to fuel a second Trump economic boom through new investment and job creation. Families and workers will save money from lower tax rates, a larger Child Tax Credit, and President Trump’s tax priorities for hardworking Americans: tax relief for seniors, no tax on tips, no tax on overtime pay, and no tax on auto loan interest for American-made cars. 

Instead of a $1,700 tax hike, working families still recovering from Biden’s inflation crisis will now receive on average a $1,300 tax cut and workers will get $3,300 more in real income back into their pockets. Permanence of the 2017 Trump tax cuts will save 6 million jobs, including 1.1 million manufacturing jobs. 

Every committee Democrat voted against the tax relief package and for the largest tax hike in American history on 207 million taxpayers. 

Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after committee approval of the legislation:

“America is one step closer to stopping the looming 22 percent average tax increase facing every American and, instead, rebuilding our economy for the working class. This cornerstone of President Trump’s economic agenda will put the interests and needs of working families and small businesses ahead of Washington, bring jobs and manufacturing back to America, and usher in a new golden era of prosperity. The average family will avoid a $1,700 tax increase and instead have $3,300 more in income, and 6 million jobs will be saved. It’s sad that every single committee Democrat voted for the largest tax hike in American history and against additional tax relief for families, farmers, and small businesses. Ways and Means Republicans will continue to work closely with President Trump and our House colleagues to get the One, Big, Beautiful Bill that delivers on the President’s agenda to his desk as soon as possible.”

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

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

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

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

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

Delivering An Economy that Works for Working Families
Pro-growth, pro-worker, pro-family, pro-small business policies that will make America’s economy stronger, deliver additional tax relief for working families, farmers, and small businesses, and replace bad tax policy with good tax policy.

Make American Families & Workers Thrive Again

• Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike.
• Delivers an additional $1,300 tax cut for the average American family. 
• Saves the average American family $1,700 – the equivalent of 9 weeks of groceries.
  • Increasing real annual take-home pay for a median-income household with two children by roughly $4,000 to $5,000.
  • Raising annual real wages by $2,100 to $3,300 per worker.
• Delivers on President Trump’s priorities of no tax on tips, overtime pay, and car loan interest, and provides additional tax relief 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.

Make Rural America & Main Street Grow Again

• Expands and makes permanent the 199A small business deduction to 23% – creating over 1 million new Main Street small business jobs annually and generating $750 billion in economic growth at American small businesses.
• Renews 100% immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses, and supports the expansion of new production factories and growing operations in America by allowing 100% 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.
• Estimated to boost the level of short-run real gross domestic product (GDP) by 3.3 to 3.8 percent and long-run real GDP by 2.6 to 3.2 percent.
• $284 billion of new economic growth from American manufacturers.
• Secures 6 million jobs for American workers.

Make 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.

For a section-by-section on the bill, click here.

For more information, click here.

READ: Correcting the Record: Trump’s Tax Cuts Were a Boon for the Working Class