The US House of Representatives has passed the “One, Big, Beautiful Bill,” a pro-growth tax bill that aims to boost economic growth, increase wages and incomes for millions of Americans, and deliver lasting tax relief. The legislation includes permanent extension of the 2017 Trump tax cuts, alongside additional pro-growth policies.
According to Ways and Means Chairman Jason Smith (MO-08), the bill will benefit American families by providing over $13,000 in take-home pay and wage increases of more than $11,000. Small business owners can expect job security with over 7 million new jobs created through enhanced small business relief and made-in-America incentives.
The legislation also includes critical policies to support farmers, including a doubled death tax exemption for family-owned farms. Additionally, it provides additional tax relief for seniors, parents, and working families by expanding the Child Tax Credit, increasing the standard deduction, and improving access to child care.
Industry analysts predict that the bill will fuel a resurgence in economic growth, with real GDP expected to increase by an estimated 5.2 percent over the next four years. The legislation also aims to boost investment, create full-time jobs, and spur new economic growth through initiatives like the Opportunity Zone program.
The “One, Big, Beautiful Bill” is now headed to the Senate for consideration and includes several key provisions aimed at putting America’s workers first, championing life, and supporting rural America and Main Street.
Source: https://waysandmeans.house.gov/2025/05/22/passed-the-one-big-beautiful-bill-moves-one-step-closer-to-president-trumps-desk