The One Big Beautiful Bill Will Supercharge Our Economy

Today’s inflation report brought more welcome news that prices are down and wages are up — and that progress will be supercharged with President Donald J. Trump’s One Big Beautiful Bill.

Secretary of the Treasury Scott Bessent told Congress how the One Big Beautiful Bill — the largest tax cut in history — will boost that progress for middle-class Americans and the private sector without fueling inflation:

• “The One Big Beautiful Bill will raise take-home pay between $7,800 and $13,300 for the average family of four. It will increase wages between $6,100 to $11,600 for the average worker.” (Watch)
• “Not only does the One Big Beautiful Bill add $500 to the Child Tax Credit, it makes it permanent.” (Watch)
• “It will cement No Tax on Tips, No Tax on Overtime, and tax cuts for seniors.” (Watch)
• “The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum.” (Watch)
• “The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made in America.” (Watch)
• “The legislation will provide … the ability to buy a new American-made car and deduct the interest.” (Watch)
• “This bill will allow us to prevent our corporate revenues from being drained into foreign treasuries — and that is in the hundreds of billions of dollars.” (Watch)
• If the One Big Beautiful Bill doesn’t pass, “it would be cataclysmic. It would be the largest tax hike in history. It would be a disaster for businesses, for working Americans, and for our status in the world … We would see increases in taxes of thousands of dollars on working Americans, we would see businesses contract and we would see a substantial increase in the unemployment rate.” (Watch)