The US House of Representatives Passes the One, Big, Beautiful Bill.

The US House of Representatives passed the One, Big, Beautiful Bill Act (HR1), a comprehensive tax and spending proposal that includes provisions like tax cuts for families and small businesses, increased investment, and changes to Medicaid and student loan repayment. It also addresses energy production, regulatory reform, and border security.

Here’s insight into how these provisions would impact Americans:

Tax Cuts and Investment

 Tax Cuts and Breaks: The bill includes tax cuts for hardworking families and small businesses. It temporarily eliminates taxes on overtime work and tips, as promised by Trump. The 2017 child tax credit will be maintained and increased to $2,500 per child.

 Investment Boost: The bill will boost investment by 9.8 to 14.5 percent in the next four years and 4.9 to 7.5 percent long-term. Parents can better invest in their children’s future through programs like the MAGA Savings Account, Health Savings Accounts, and expanded 529 education savings accounts.

 Job Creation: The bill aims to save or create 6.6 to 7.4 million full-time jobs in the next four years and 4.2 million in the long term.

 Expensing: The bill restores 100 percent immediate expensing, allowing businesses to write off investments, expansion, and modernization within the same year purchased.

Other Key Provisions

 Medicaid: The bill will require those on Medicaid (without disability) to work at least 80 hours per month, and eligibility checks will be mandated every six months for those covered under the expansion.

 Student Loans: Student loan repayments will be simplified and streamlined while holding students and taxpayers accountable. Employer student loan assistance tax deductions—originally set to end in 2026—will be permanently extended.

 Border Security and Military: $5 billion will be allocated to border security, including personnel training, counter-drug and narcotics operations, the detention and deportation of illegal immigrants, and more.

 Reduction of Waste, Fraud, and Abuse: The bill aims to rein in regulatory overreach and address waste, fraud, and abuse within the government, closing COVID-era tax loopholes. Verification will be required to be eligible for premium tax credits related to health plans.

 Planned Parenthood: Individuals cannot use Medicaid funds for abortions. The bill includes a provision that cuts off Medicaid from funding Planned Parenthood, achieving a longtime goal of conservatives and the pro-life movement.

Ways and Means Chairman Jason Smith (MO-08) issued the following statement:

“Today marks a major milestone in delivering lasting tax relief to the American people. The One, Big, Beautiful Bill locks in the successful 2017 Trump tax cuts and builds on that foundation with bold, pro-growth reforms that will strengthen families, workers, farmers, and small businesses. Families stand to gain over $13,000 in take-home pay, and workers could see wage increases of more than $11,000.

“More than 7 million jobs will be secured in the next four years through enhanced small business relief and made-in-America incentives that reward hiring and investment here at home. Parents will benefit from an expanded, inflation-adjusted Child Tax Credit and an enhanced standard deduction. Family farmers will finally get peace of mind, with a doubled death tax exemption that protects their generational lands and livelihoods. We are delivering President Trump’s promise of no tax on tips, overtime, auto loan interest, and tax relief for seniors which will put more money in the pockets of millions of Americans every year.”

“The One, Big, Beautiful Bill makes permanent the successful 2017 Trump tax cuts. The bill includes critical pro-growth policies that will cut taxes by an additional $1,300 for a family of four and deliver higher wages and incomes for millions of Americans.

A recent report from the Council of Economic Advisers shows that the legislation will increase the take-home pay of a typical family of four by up to $13,300 and the wages of American workers by up to $11,600.”

Specific tax policy and savings initiatives to help spur economic growth:

1. Makes the 2017 Trump tax cuts permanent–protecting the average taxpayer from a 22 percent tax hike.
2. Saves the average American family from a $1,700 tax hike–(delete spaces)the equivalent of nine weeks of groceries.
3. Delivers an additional $1,300 tax cut for the average American family.
   1. Delivers up to $11,600 in higher wages per worker.
   2. Delivers up to $13,300 more in take-home pay for a family with two children.
4. Delivers on President Trump’s priorities of no tax on tips, overtime pay, car loan interest, and tax relief for seniors, which will put more money annually in the pockets of millions of Americans.
   1. Up to $1,750 for overtime workers.
   2. $1,700 for tipped workers.
   3. Up to $450 for seniors.
5. Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether K-12 materials or obtaining a postsecondary trades credential.
6. Supports working families by expanding access to child care and making the paid leave tax credit permanent.
7. Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
8. Starts building financial security for America’s children at birth by creating new savings accounts.

“Fortunately, this is the commonsense legislation that Americans—and particularly Ohioans—have been waiting for and that President Trump and the House are diligently working on to help working men and women compete and thrive in our national and international economy,” Executive Director of the Partnership Monty Lobb stated. “These incentives are a welcome relief to Ohio’s families and businesses.”