The U.S. House of Representatives has passed the One, Big, Beautiful Bill, which aims to bring significant economic benefits to American families, farmers, workers, and small businesses. The bill is now set to be considered by the Senate.
Chairman of the House Ways and Means Committee, Jason Smith, emphasized that this legislation marks a pivotal moment for tax relief in America. The bill builds on the successful tax cuts from 2017 and introduces several key reforms intended to deepen economic resilience. It is projected that American families could see an increase of over $13,000 in take-home pay, while workers could experience wage growth exceeding $11,000.
It is estimated that over the next four years, more than 7 million jobs could be preserved or created due to enhanced support for small businesses and incentives for domestic hiring and investment. Key provisions include a significant Child Tax Credit that adjusts with inflation, a doubled exemption for estate taxes that protects family farms, and targeted tax relief aimed at workers, seniors, and families.
The bill also seeks to lock in previous tax cuts, avoiding a scheduled increase for the average taxpayer, with projections suggesting an overall GDP growth of about 5.2% in the next four years. Furthermore, investment levels are expected to rise by nearly 15% within that same timeframe.
In addition to tax benefits, the bill proposes measures to hold higher education institutions accountable for their financial practices while aiming to eliminate tax breaks perceived to favor wealthy corporations. There are measures to end taxpayer benefits for undocumented immigrants, ensuring that only those eligible can access tax credits and healthcare subsidies.
This legislative effort has been praised as a comprehensive opportunity to foster economic growth and provide financial freedom for American families and small businesses. The next step lies with the Senate, where the fate of this ambitious proposal will be determined.
Overall, while challenges remain, the One, Big, Beautiful Bill is positioned as a potential catalyst for enhanced economic vitality and stability across America.