During a Ways & Means Committee hearing in Washington, U.S. Rep. Mike Kelly emphasized the significance of passing the “One Big Beautiful Bill Act” to prevent tax increases on American families and small businesses. Treasury Secretary Scott Bessent also attended the hearing.
Rep. Kelly stated, “Current tax rates are set to expire at the end of the year. If we don’t pass the One Big Beautiful Bill Act, hardworking American taxpayers would see their taxes increase. We cannot let that happen.” He added that the legislation aims to make tax cuts permanent and provide certainty for families and businesses.
Secretary Bessent supported this view, saying, “The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum. The legislation is squarely aimed at boosting the working and middle class and reinvigorating American manufacturing.”
The proposed bill seeks to make permanent the 2017 Trump tax cuts while introducing additional pro-growth policies. These measures aim to reduce taxes by $1,300 for a family of four and increase wages for many Americans. A report from the Council of Economic Advisers suggests that typical families could see up to $13,300 more in take-home pay.
The act is expected to enhance America’s real GDP by an estimated 5.2 percent over four years and between 3.5 percent in the long term. Investment could see a boost of 9.8 to 14.5 percent in four years and a long-term increase of 4.9 to 7.5 percent.
Moreover, it aims to protect taxpayers from a potential 22 percent tax hike while saving average families from a $1,700 increase in taxes—equivalent to nine weeks’ worth of groceries.
The bill also proposes various benefits such as no taxes on tips or overtime pay, enhanced child tax credits, expanded education savings accounts, increased access to childcare, permanent paid leave tax credit, expanded health savings accounts, and new savings accounts for children at birth.
