Jason Smith: “Mr. Speaker, today, we embark on a golden age for working families and small businesses with the One Big Beautiful Bill…”

“Mr. Speaker, today, we embark on a golden age for working families and small businesses with the One Big Beautiful Bill Act. We make permanent the 2017 Trump tax cuts. We add a $1,300 tax cut for families, compared to what they are paying this year, and halt a $1,700 tax increase. Working families, farmers, and small businesses win with this bill. We expand and make permanent the small business deduction and increase the child tax credit, the standard deduction, and the death tax exemption. President Trump promised no tax on tips, overtime pay, and car loan interest. Hardworking Americans working overtime get up to $1,750 more in their pockets under this bill. Those working for tips get $1,700 more. Families buying U.S.-made cars can deduct their auto loan interest. President Trump promised no taxes on Social Security, and in this bill, we deliver. Low- and middle-income seniors on Social Security will now have their tax liability erased with an increase in their standard deduction. Under this bill, if you build businesses here in America, you win. Not only do we renew incentives for domestic research and development, but we do 100 percent immediate expensing and the deduction for interest expenses. We also deliver on President Trump's promise to revitalize American manufacturing, with 100 percent expensing for new factories and improvements of existing facilities.”