House Republicans have released the full details of President Trump’s highly anticipated tax and economic reform legislation: “The One, Big, Beautiful Bill.” The proposal, spearheaded by House Ways and Means Committee Chairman Jason Smith (R-MO), builds on the foundation laid by the 2017 Tax Cuts and Jobs Act (TCJA) and aims to secure permanent tax relief for American workers, boost wages, and reestablish U.S. economic dominance through pro-growth, pro-America reforms.
The bill is divided into three key focus areas: protecting American workers, supercharging the U.S. economy, and holding elites accountable. From repealing taxes on tips to eliminating corporate handouts in Biden’s Inflation Act, the package takes a blunt and unapologetic stance in favor of American workers and families.
At the heart of the legislation is a series of worker-centered tax reforms. The bill eliminates income taxes on tips, providing relief for the 4 million tipped workers in restaurants, hospitality, and service industries. It also removes income taxes on overtime pay, benefiting more than 80 million hourly workers.
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