Extending the Trump Tax Cuts combined with new policies targeted at relief for workers such as no tax on tips, no tax on overtime, and tax relief for seniors, will deliver explosive economic growth, bigger paychecks, and higher take-home pay for millions of Americans, according to a new report released by the Council of Economic Advisers (CEA).

 “This report shows The One, Big, Beautiful Bill will produce higher wages, more economic growth, and bigger paychecks for American families, workers, and seniors. A typical family will see up to $13,000 more in take-home pay – and workers up to $11,600 more in wages. After four years of punishing inflation, President Trump is delivering exactly the relief the American people demanded in November: lower taxes, better economic growth, and more opportunity. Every day Congress delays passing this bill is another day working families and seniors are left behind. It’s time for Congress to pass this bill, and deliver President Trump’s pro-growth, pro-worker agenda,” said Ways and Means Chairman Jason Smith (MO-08).

Permanent extension of the Trump tax cuts plus additional tax relief not only saves families, farmers, workers, and small businesses from an average tax hike of 22 percent, but The One, Big, Beautiful Bill also provides critical pro-growth policies that will cut taxes by $1,300 for a family of four and deliver higher wages and incomes for millions of Americans.

The One, Big, Beautiful Bill: Key Economic Impacts

• Real economic growth up to 5.2% over the next four years.
• Up to 7.4 million full-time American jobs saved or created in the next four years.
• Increase in investment up to 14.5% in the next four years.
• Up to $11,600 in higher wages per worker.
• Up to $13,300 more in take-home pay for a family with two children.

Tax Relief for Workers and Seniors
Provisions in The One, Big, Beautiful Bill such as no tax on overtime, no tax on tips, and enhanced tax relief for seniors 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.

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