“The One, Big, Beautiful Bill fulfills the President’s promise to help working class Americans recover from four years of high prices and sticker shock under Joe Biden.”

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for May 2025: 

“With the President’s growth agenda well underway and real wages going up, inflation has fallen since Inauguration Day, as the U.S. economy speeds ahead. President Trump’s economic agenda of lower taxes, fairer trade, and deregulation is helping put more money in families’ pockets and has already brought in $9 trillion worth of investment that will create good-paying jobs in all corners of America. The One, Big, Beautiful Bill fulfills the President’s promise to help working class Americans recover from four years of high prices and sticker shock under Joe Biden. 

“The average working family will be spared the largest tax hike in history and instead get a $1,300 tax cut and $13,300 more in their paycheck. That’s a big difference. Waitresses will get up to $1,700 more in their pockets from no tax on tips. Overtime workers will get a $1,750 tax cut from no tax on overtime. Seniors will benefit from an additional $75 billion in tax relief targeted specifically to them, freeing up money to help afford medication and food. It’s sad that Democrats chose to vote no and deny the working men and women, small businesses, and farmers the tax relief they desperately need.”

KEY FACTS:

The One, Big, Beautiful Bill is pro-growth tax policy that will fuel a resurgence in economic growth and deliver more jobs, higher wages, and tax relief for low-income Americans.

• America’s real gross domestic product (GDP) will increase by an estimated 5.2 percent over the next four years and 3.5 percent in the long term. 
• 9.8 to 14.5 percent predicted boost in investment in the next four years and a 4.9 to 7.5 percent boost in long-term investment. 
• 6.6 to 7.4 million full-time jobs saved or created in the next four years and 4.2 million saved or created in the long term. 
• Saves the average American family from a $1,700 tax hike – the equivalent of 9 weeks of groceries.
• Delivers an additional $1,300 tax cut for the average American family as compared to what they pay today. 
  • Delivers up to $11,600 in higher wages per worker.
  • Delivers up to $13,300 more in take-home pay for a family with two children.
• Delivers on President Trump’s priorities of no tax on tips, overtime pay, car loan interest, and tax relief for seniors that 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.
    

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

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

READ: Who Benefits: The One, Big, Beautiful Bill Gives Average Family New $1,300 Tax Cut in 2026

READ: Who Benefits: The One, Big, Beautiful Bill Gives Seniors New Tax Relief

READ: Who Benefits: The One, Big, Beautiful Bill Delivers Tax Relief for Workers

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