The latest inflation report brings welcome news as prices drop and wages rise. However, it’s President Donald J. Trump’s proposed “One Big Beautiful Bill” that is expected to supercharge progress for middle-class Americans and the private sector.
According to Secretary of the Treasury Scott Bessent, the bill will have a significant impact on take-home pay, with estimates suggesting an increase between $7,800 and $13,300 for families of four. Workers can expect to see wage increases ranging from $6,100 to $11,600.
The bill also includes several key provisions, including:
– A permanent increase in the Child Tax Credit by $500
– No tax on tips or overtime pay
– Tax cuts for seniors
– Permanent 2017 tax cuts, providing individuals and businesses with certainty
– 100% expensing for new factories and expansions of existing ones
– The ability to buy a new American-made car and deduct the interest
The bill’s passage is crucial, as failure to do so could result in catastrophic consequences. A non-passed bill would lead to thousands of dollars in tax increases for working Americans, business contraction, and a substantial rise in unemployment.
In contrast, the passage of the One Big Beautiful Bill will boost economic momentum, prevent corporate revenues from being drained into foreign treasuries, and help protect America’s status in the world.
Source: https://www.whitehouse.gov/articles/2025/06/the-one-big-beautiful-bill-will-supercharge-our-economy