Washington, D.C. – Early this morning, House Republicans came together to pass landmark legislation to not only reverse the damage of the last four years, but to empower growth, economic expansion, and historic investment in America’s future as a manufacturing, energy producing superpower. 

The One Big Beautiful Bill delivers on the mandate the American people voted for by: cutting taxes for our working families and small businesses, responsibly reducing federal spending, revitalizing national security by securing the border, and making America the most competitive nation to grow or expand a business in.

For the past two years, my Ways and Means colleagues and I have travelled the country speaking with small businesses, job creators, and innovators who will drive American economic expansion. Universally, they told us America’s economic future depended on reducing their tax burden and slashing regulations, so they had more of their own capital to invest in equipment, research and development, new employees, and expanding their operations in a globally competitive landscape. The One Big Beautiful Bill delivers on critical tax and regulatory reform, so our businesses have the certainty going forward to invest and expand.

The bill included critical priorities that I worked to ensure were part of this consequential bill:

• Passthrough/Small Business Deduction - Deduction for qualified business income from TCJA is made permanent, and increased from 20% to 23% for taxable years beginning after December 31, 2025.
• Research and Development - Extends the immediate deduction of domestic R&D expenses until January 1, 2030.
• Bonus Depreciation - Allows taxpayers to immediately expense 100% of the cost of qualified property acquired on or after January 20, 2025, and before January 1, 2030.
• Individual and Family Provisions - Nearly doubled standard deduction from TCJA is made permanent.
• Enhanced Standard Deduction for Seniors - Increased to $4,000 per eligible filer with an income less than $75K for single filers and $150K for MFJ.
• Extension of increased Child Tax Credit - Doubled the child tax credit from TCJA is made permanent - $2,000 per child.
• No tax on tips
• No tax on overtime
• No tax on car loan interest
• Expansion of health savings accounts to ensure more Americans have access to the care they need.
• Individuals entitled to Part A of Medicare by reason of age are allowed to contribute to health savings accounts.
• Allowance of bronze and catastrophic plans in connection with health savings accounts.
• Empowers both spouses to make catch-up contributions to the same health savings account. 
• Increase in health savings account contribution limitation for certain individuals.

I look forward to continuing to work with the White House, my House colleagues, and the Senate to keep improving this bill and ultimately delivering it to President Trump for his signature. The American people asked for history making reforms to strengthen the future of our country and opportunities for their families, this bill sets the stage for virtuous cycles of opportunity and prosperity ushering in the Golden Age of America.

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