Credit: The White House / Flickr
House Republicans on the Ways and Means Committee—led by Chairman Jason Smith (R-MO)—have released the text of a monumental new tax reform package titled “The One, Big, Beautiful Bill.”
The bill, strongly backed by President Donald Trump, is aimed at delivering historic cuts to American families, workers, and small businesses.
The 389-page bill includes a long list of pro-growth, America-First provisions that echo many of the successful features of the 2017 Trump Tax Cuts—this time with added firepower.
Major Tax Cuts and Extensions
Extension of Individual Tax Rate Cuts:
Makes the Trump-era tax rate reductions permanent, eliminating the 2025 expiration.
Increased Standard Deduction:
Extends the increased standard deduction and adds a temporary $1,500 boost for individuals and $1,000 for heads of household (2025–2028).
Enhanced Child Tax Credit:
Boosts the child tax credit from $2,000 to $2,500 per child through 2028.
Requires Social Security numbers for eligibility (to exclude undocumented individuals).
No Tax on Tips:
Creates a full income tax deduction for tips earned in traditionally tipped industries (waitstaff, hairdressers, etc.) through 2028.
No Tax on Overtime Pay:
Allows workers to deduct qualified overtime compensation from their taxable income (excluding high earners), also through 2028.
Bonus Deduction for Seniors:
Adds a $4,000 “bonus” standard deduction for seniors with moderate incomes ($75K single / $150K joint cap), available 2025–2028.
Boosted Small Business Tax Break:
Increases the Section 199A deduction from 20% to 23% for pass-through business income.
Makes the deduction permanent beyond 2025.
Expanded Estate & Gift Tax Exemption:
Triples the exemption from $5 million to $15 million, indexed for inflation.
Ends Deduction for Personal Exemptions:
Continues to eliminate personal exemptions post-2025.
Limits on Itemized Deductions:
Caps itemized deduction benefit at a 37% tax rate threshold.
Permanently disallows certain miscellaneous itemized deductions.
Casualty Loss & Mortgage Interest Limits:
Extends Trump-era limitations on these deductions.
ABLE Account Enhancements:
Continues increased contributions and allows 529 rollovers into ABLE accounts.
Saver’s credit applies to ABLE contributions.
ABLE Accounts:
Extends increased contribution limits and savers’ credit eligibility.
Allows continued rollovers from 529 college plans to ABLE accounts.
Student Loan Relief:
Makes loan discharges for death or permanent disability tax-free beyond 2025.
Military Hazard Pay:
Expands exclusion for military serving in Kenya, Mali, Burkina Faso, and Chad.
Limitations and Eliminations Maintained:
Continues limitations on mortgage interest and casualty loss deductions.
Continues suspension of the deduction for personal exemptions and miscellaneous itemized deductions.
This is what America First tax reform looks like.
Read the full text of the bill below:
The post HERE IT IS: House Republicans Release Trump-Approved Tax Plan “THE ONE, BIG, BEAUTIFUL BILL” — Tips, Overtime, and Family Paychecks to Get HUGE Boost! appeared first on The Gateway Pundit.