Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Senate passed President Trump’s One, Big, Beautiful Bill:

“Today marks another significant step in getting this bill to President Trump’s desk and enacted into law. The One, Big, Beautiful Bill lays the cornerstone for President Trump’s economic agenda that will help usher in a golden age for American workers, farmers, and families, by delivering the largest tax cut in history, the largest cut to government spending in history, promote American energy dominance, and secure our borders.

“Over the last two years, the Ways and Means Committee has heard from working families, farmers, and small businesses around the country about how important lowering taxes is to help them provide for their children, support their farms, and invest in their workers. The One, Big, Beautiful Bill not only blocks the largest tax hike on working families but also delivers an immediate tax cut as compared to what they pay today. Workers will see an increase in real wages by as much as $7,200 per year and a typical family of four will see their take-home pay soar by as much as $10,900 per year. More than 7 million jobs will be secured because of the pro-growth, pro-worker policies in The One, Big, Beautiful Bill.

“House Republicans must stay united and pass this bill to deliver the generational change that 77 million voters demanded – better wages, lower taxes, more opportunity. As I have said, failure is not an option. Let’s get this done for the American people.”

Background on The One, Big, Beautiful Bill:

• The typical family will get up to $10,900 in additional take-home pay.
• Workers will see increased wages up to $7,200.
• Households earning less than $100,000 get a 12 percent tax cut compared to today. People who make over $1 million annually, will pay a greater share of the tax burden than they do now.
• Up to 7.2 million jobs protected and created, and 1 million new jobs annually by small businesses.
• No tax on tips, overtime pay, car loan interest, and tax relief for seniors will put more money annually in Americans’ pockets, $1,300 per tipped worker specifically, and $1,400 for hourly workers
• Locks in and further boosts the doubled Child Tax Credit to $2,200 for more than 40 million American families.
• Locks in and further boosts the doubled Standard Deduction, increasing it to $31,500 for families.
• 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 and small businesses by expanding access to the child care credit and making permanent the paid leave tax credit. Enhances the Adoption tax credit to help more families experience the joy of adoption and grows the child and dependent care credit as well as FSAs.  
• Puts American families in control of their health care by expanding health savings accounts.
• Eliminates fraud and waste in Obamacare and blocks access to taxpayer-funded health benefits for illegal immigrants.
• Starts building financial security for America’s children at birth with the creation of new Trump savings accounts.