Seventy-seven million Americans voted for President Trump and a Republican majority to cut taxes, secure our border, restore our economy and put working families first. With the signing of the “One Big, Beautiful Bill,” we are delivering on those promises, marking the beginning of the Golden Age of America.
This is a historic win for millions of American families, workers, seniors, small businesses and servicemembers. As vice chairman of the House Ways and Means Committee, I’m proud to have helped lead the effort to enact this America First, pro-growth agenda that delivers on the promises Trump made on the campaign trail.
The bill includes many of my long-standing priorities: making the 2017 Tax Cuts and Jobs Act permanent, easing the burden of building and owning a home, eliminating federal taxes on tips and making the small business deduction permanent for millions of job creators.
Voters knew that returning Republicans to power would restore strong leadership and an administration that puts America and Americans first. The “One Big, Beautiful Bill” is the fulfillment of our voters’ trust that we would deliver on our promises. Promises made, promises kept.
Rooted in commonsense, America First principles, this bill is about putting working families first and restoring economic opportunity. Without the “One Big, Beautiful Bill,” the average family in my district would have faced a $1,700 tax hike. Our legislation prevents that and puts more money back into the pockets of hardworking Americans. For a typical family with two kids in my community, it increases take-home pay by up to $12,700. It also makes the child tax credit permanent, lowers tax rates and doubles the standard deduction, putting hardworking families first.
One of the most popular promises Trump made on the campaign trail was to end taxes on tips and overtime pay. Our bill eliminates federal income taxes on tips and overtime, bringing real relief to hundreds of thousands of workers in our country trying to make ends meet. Our bill is a life changer for servers, nurses and law enforcement officers working long hours to provide for their families. These provisions will bring financial stability to hundreds of thousands of Americans.
Helping families also means supporting the small businesses that employ them. Our bill supports more than 30 million small businesses across America, the backbone of our economy. Without this legislation, Main Street was facing a top tax rate of 43.4 percent. Our bill changes that by delivering on Trump’s campaign promise to restore and expand his 2017 Tax Cuts and Jobs Act economic tax policies, including making the small business deduction permanent, restoring 100 percent immediate expensing and renewing key incentives for research and development.
These tax policies will help small businesses grow, hire and invest in their employees. The bill also rewards companies that bring critical supply chains back home, strengthening our economy and creating new job opportunities for Americans.
Seniors will also see real benefits. This issue is deeply personal for me, with nearly 200,000 seniors in my district and more than 5 million across Florida. Our bill provides $75 billion in targeted relief to seniors to help cover essential expenses such as food, housing and prescription medications.
Also, by increasing the standard deduction for low- and middle-income seniors, we’re ensuring they can keep more of what they’ve earned after a lifetime of hard work. Eighty-eight percent of seniors who receive Social Security will pay no taxes on their Social Security benefits. That’s real relief and a promise kept.
We also enacted the largest cut to government spending in U.S. history. The bill delivers more than $1.7 trillion in savings by rooting out waste, fraud and abuse, without touching benefits for those who are truly in need. That includes commonsense Medicaid reforms, such as removing illegal immigrants from taxpayer-subsidized health care plans and establishing work requirements for able-bodied adults, while strengthening coverage for seniors, children, pregnant women and individuals with disabilities.
For too long, red state taxpayers have subsidized Democratic-run states that expanded Medicaid under the Affordable Care Act. Our bill ensures that resources go to those who need them, not those who choose not to work.
The “One Big, Beautiful Bill” reflects the values that make America strong and won Trump a second term: hard work, security and opportunity. It’s a defining moment for our nation and one that I am deeply proud of. This is a win for families, seniors, small businesses and every American who believes in the American Dream.
We’re putting America first, and we’re just getting started.
Vern Buchanan represents the 16th District of Florida. He is vice chairman of the Ways and Means Committee.
