The big, beautiful bill is legislation designed to carry out the Trump economic agenda. It builds on the Trump tax cuts of 2017 while implementing new economic policy. Before its passage by the House, it has to be marked up and approved by different committees.
Right now, the bill is being reviewed by the House Ways and Means Committee. The chairman of the committee, Jason Smith (R), has commented on the bill.
Smith has described it as essential to putting Americans first. He placed special emphasis on how the bill benefits the lower, working class and small businesses.
Smith also contrasted the bill with the economic policy of the previous administration. He stated, “Under the economic policies of President Biden and Washington Democrats, the wealthy and well-connected benefitted from taxpayer handouts.”
Smith continued, “The Ways and Means Republican tax bill ends special interest giveaways and will hold the woke elite and entities that benefit from the tax code accountable.”
Several important provisions are included in the bill. For example, it makes the Trump tax cuts of 2017 permanent. It also delivers on the promise of no tax on tips, overtime pay, and car loan interest.
Notably, the bill locks in and expands the child tax credit for tens of millions of families. It also renews the Opportunity Zone program, which invests $100 billion into rural communities.
The effects of some of these provisions are debated. However, a recent report from taxfoundation.org sheds some light on the expected results.
They found that tax revenue would decrease by 19% over 10 years. That is balanced out by a 0.6% increase in GDP. They also found that the bill would prevent tax increases on 62% of taxpayers.
Overall, the bill is promising, but it does have its detractors. Rep. Andrew Clyde (R) has derided the bill for its provisions that impact the Second Amendment.
Clyde commented on X, “(The House Ways and Means Committee) must remove both the unconstitutional tax AND registration of SBRs, SBSs, and suppressors. We cannot give up this key opportunity to deliver real 2A wins for the American people.”
