Today, Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following remarks during House debate on The One, Big, Beautiful Bill.
As prepared for delivery.
“Mr. Speaker – Today, we embark on a Golden Age for working families and small businesses with The One Big Beautiful Bill.
“We make permanent the 2017 Trump tax cuts. We add a $1,300 tax cut for families compared to what they are paying this year, and halt a $1,700 tax hike.
“Working families, farmers, and small businesses win with this bill. We expand and make permanent the small business deduction, and increase the child tax credit, the standard deduction, and the Death Tax exemption.
“President Trump promised no tax on tips, overtime pay, and car loan interest. Hard-working Americans working overtime get up to $1,750 more in their pocket under this bill. Those working for tips get $1,700. And families buying U.S.-made cars can deduct their auto loan interest.
“President Trump promised no taxes on Social Security – and in this bill we deliver, low and middle income seniors on Social Security will now have their tax liability erased with an increase in their standard deduction.
“Under this bill if you build businesses here in America, you win. Not only do we renew incentives for domestic research and development, 100 percent immediate expensing, and the deduction for interest expenses, but we also deliver on President Trump’s promise to revitalize American manufacturing with 100 percent expensing for new factories and improvements of existing facilities. Small- and medium-sized manufacturers also win with greater tax benefits.
“We replace bad tax policy with good tax policy – ending Biden-era tax breaks and special interest giveaways to the wealthy, well-connected, and China. We hold accountable woke elite universities and tax-exempt organizations that abuse their generous tax benefits.
“President Trump stopped the flow of illegal immigrants over our borders – this bill will stop the flow of taxpayer benefits to their pockets.
“After the October 7th attacks on Israel, rampant antisemitism stormed college campuses. The Ways and Means Committee investigated, given the schools’ massive tax benefits. Jewish students testified about living in fear as administrators failed to condemn the behavior. No longer. Some of the worst offenders, colleges with endowments reaching into the tens of billions, will now face the same taxation rate as large corporations.
“The One, Big, Beautiful Bill gives America a big, beautiful raise, with the average American household seeing real take-home pay go up by as much as $13,300.
“We will save or create 7.4 million jobs, add 1 million new small business jobs annually, and unlock $1.5 trillion in additional small business economic growth, including $284 billion in growth from manufacturing alone. We can boost short-run real GDP by as much as 5.2 percent and long-run real GDP by over 3 percent.
“Renewing the successful Opportunity Zone program will help distressed communities – especially rural ones – by spurring over $100 billion in new investments.
“Parents win with expanded education savings accounts to choose the education that best fits their kids’ needs. Americans get greater control over their health care with expanded health savings accounts. Working families get better access to child care and a permanent paid leave tax credit.
“Supporting the working class is deeply personal for me. I was raised in a single-wide trailer in a town of less than 5,000 people. My grandparents didn’t have running water. The average income in my hometown of Salem, Missouri, is just over $24,000. My priority is the working class because the working class raised me.
“I urge my colleagues: Support The One, Big, Beautiful Bill.
“Make American families and workers thrive again.
“Make rural America and Main Street grow again.
“Help America win again.”