Cape News

The U.S. House of Representatives has passed the One, Big, Beautiful Bill, a tax reform measure that now awaits consideration by the Senate. This legislation aims to extend and expand upon the 2017 Trump tax cuts, promising economic benefits for American families, workers, farmers, and small businesses.

Ways and Means Chairman Jason Smith (MO-08) expressed optimism about the bill's potential impact: "Today marks a major milestone in delivering lasting tax relief to the American people." He highlighted anticipated financial gains for families and workers, including increased take-home pay and wage growth. Smith also emphasized job security through incentives designed to bolster small businesses and domestic investments.

The bill proposes permanent extensions of previous tax cuts while introducing additional policies projected to boost economic growth. A report from the Council of Economic Advisers supports these claims, suggesting significant increases in GDP and job creation over the next four years.

Among its provisions are measures aimed at protecting family farms with a doubled death tax exemption and enhancing benefits like an expanded Child Tax Credit. The legislation also seeks to ease burdens on small businesses by adjusting deductions and repealing certain reporting requirements.

The bill addresses various sectors with targeted initiatives such as expanding education savings accounts and making permanent certain health care options introduced during Trump's administration. It also includes accountability measures for large universities and non-profits regarding their use of tax benefits.

Smith urged swift action from the Senate: "The House has acted. Now the Senate must do its part and send this bill to President Trump’s desk."