“With today’s committee meeting, relief is finally on the way for working families, waitresses, lineman, nurses, farmers, and Americans from all across this country who have been hammered by four years of Biden’s 21 percent inflation tax.”

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 April 2025, ahead of a Ways and Means Committee markup of the One, Big, Beautiful Bill: 

“This afternoon, the Ways and Means Committee will meet to advance tax relief for working families, small businesses, and farmers by making the 2017 Trump tax cuts permanent, providing additional tax relief, and delivering on the President’s priorities: no taxes on tips, overtime, car loan interest, and tax relief for seniors. The One, Big, Beautiful Bill will protect Americans from a $1,700 tax hike and boost take-home pay by $5,000. Small businesses and farmers will benefit from tax certainty to invest, grow, and create jobs. With today’s committee meeting, relief is finally on the way for working families, waitresses, mechanics, nurses, farmers, and Americans all across this country who have been hammered by four years of Biden’s 21 percent inflation tax. The bill delivers what Americans voted for, tax policies that put working families first and kick starts a new golden era of American prosperity and strength.”

Delivering An Economy that Works for Working Families
Pro-growth, pro-worker, pro-family, pro-small business policies that will make America’s economy stronger, deliver additional tax relief for working families, farmers, and small businesses, and replace bad tax policy with good tax policy.

Make American Families & Workers Thrive Again

• Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike.
• Saves the average American family $1,700 – the equivalent of 9 weeks of groceries.
  • Increasing real annual take-home pay for a median-income household with two children by roughly $4,000 to $5,000.
  • Raising annual real wages by $2,100 to $3,300 per worker.
• Delivers on President Trump’s priorities of no tax on tips, overtime pay, and car loan interest, and provides additional tax relief for seniors.
• Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
• Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
• 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 by expanding access to child care and making permanent the paid leave tax credit. 
• Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
• Starts building financial security for America’s children at birth with the creation of new savings accounts.

Make Rural America & Main Street Grow Again

• Expands and makes permanent the 199A small business deduction to 23% – creating over 1 million new Main Street small business jobs annually and generating $750 billion in economic growth at American small businesses.
• Renews 100% immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses, and supports the expansion of new production factories and growing operations in America by allowing 100% expensing for new factories, improvements to existing factories, and other production facilities.
• Stops the 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 IRS.
• Reduces paperwork burden for small businesses and workers by increasing the 1099-MISC threshold to $2,000.
• Makes permanent and increases the doubled Death Tax Exemption for 2 million family-owned farms.
• Renews Opportunity Zone program to spur over $100 billion in new investment over the coming decade with enhancements to target rural distressed communities.
• Estimated to boost the level of short-run real gross domestic product (GDP) by 3.3 to 3.8 percent and long-run real GDP by 2.6 to 3.2 percent.
• $284 billion of new economic growth from American manufacturers.
• Secures 6 million jobs for American workers.

Make America Win Again

• Holds woke, elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.
  • Increases the university endowment tax and subjects the largest endowments to the corporate tax rate.
  • Increases tax on massive non-profits that resemble hedge funds and pay their employees huge salaries.
• Ends $500 billion in Biden-era tax breaks and special interest giveaways to the wealthy, big corporations, and China.
• Eliminates special interest tax breaks for billionaire sports team owners.
• Prevents taxpayer benefits from going to illegal immigrants by requiring a Social Security number for individuals claiming tax credits and deductions, ending illegal immigrant eligibility for Obamacare premium tax credits and Medicare, and applying new fees on remittance payments from illegal immigrants to outside the U.S.

For a section-by-section on the bill, click here.

For more information, click here.

READ: Correcting the Record: Trump’s Tax Cuts Were a Boon for the Working Class