WASHINGTON, D.C. – After years of uncertainty about expiring tax provisions, American manufacturers and workers are celebrating the stability and certainty provided by The One, Big, Beautiful Bill making key 2017 Trump tax provisions permanent. As Tax Notes reports, President Trump’s signature on the bill means “making most of the 2017 Tax Cuts and Jobs Act provisions permanent nearly six months before they were scheduled to expire.”

“The legislation will permanently lower individual tax rates, expand the standard deduction, create a bigger child tax credit, and increase the estate tax exclusion,” the report noted. “It would also make certain business tax breaks permanent…”

Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement: 

“Supercharged economic growth is a crucial part of The One, Big, Beautiful Bill, given that it will protect and create more than 7 million jobs. Permanence of the small business deduction alone will create over 1 million new Main Street jobs annually and 1.1 million manufacturing jobs will be saved. These crucial tax cuts mean an estimated $7,200 in higher wages per worker and up to $10,900 more in take-home pay for families.

“Democrats opposed this bill and preferred to threaten American businesses with job-killing tax hikes while funneling money to the wealthy and well-connected, as well as companies based in China. But thankfully, Republicans came together to deliver permanent tax policies that help American workers. This is the largest tax cut for working families, farmers, and small businesses in U.S. history.”

After four years of Democrats’ inflationary political spending, The One, Big, Beautiful Bill places a premium on stabilizing the economy with pro-growth provisions, such as: 

• Making permanent the 20 percent 199A small business deduction – which will help create over 1 million new Main Street small business jobs annually and generate $750 billion in economic growth at American small businesses.
  
• Making permanent key incentives for research & development in the U.S., and the more favorable deduction for interest expenses.
  
• Allowing 100 percent immediate expensing for new factories, improvements to existing factories, and other production facilities to support manufacturing in the U.S.
  
• Renewing the Opportunity Zone program permanently that will unlock $100 billion of investment for distressed communities across America with an increased focus on truly rural areas.
  
• Stopping 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 the IRS.
  
• Cutting the paperwork burden for small businesses and workers by increasing the 1099-MISC threshold to $2,000, the first change in decades.
  
• Increasing and making permanent the doubled Death Tax Exemption for 2 million family-owned farms.
  
• Doubling the small business expensing threshold to $2.5 million so that farms and small businesses can immediately deduct the cost of both new and used equipment.
  
• Stopping scheduled tax increases to GILTI, BEAT, and FDII provisions keeping U.S. companies competitive globally. Provisions helped bring $2.5 trillion back to the U.S. from overseas after 2017 tax reform law.