House Republicans should pass the One Big Beautiful Bill. Now.
It fulfills President Trump’s promise to enact across the board tax rate reductions, no tax on tips, no tax on overtime, tax relief for seniors on Social Security, and pro-growth tax cuts for Main Street. The bill also expands the child tax credit, reins in the IRS, and cuts $1.7 trillion in spending.
It’s go time.
If the House can pass the bill now before heading home for Memorial Day weekend, Senate Republicans can get to work immediately and send the bill to President Trump’s desk just before July 4.
Quick action on the bill will allow American households and businesses to make economic decisions with confidence.
Passing the bill now will remove the cloud of uncertainty caused by a looming $4 trillion tax hike that will hit at the end of the year if the bill does not pass.
Passing the bill now will allow the economy to be at full strength by mid-2026 when voters start making up their minds about the midterm elections.
Democrats want the bill to fail. Kamala Harris had vowed to “eliminate” the Trump tax cuts – the Tax Cuts and Jobs Act – and trigger the $4 trillion tax hike.
The bill provides powerful pro-growth tax cuts. It will provide immediate 100% business expensing so that American businesses can expand their operations, buy new equipment and trucks and create more jobs.
Republicans included a key new tax cut to spur new construction right here in America: 100% full business expensing for new factories and for upgrades to existing factories. The sooner this tax cut becomes law, the sooner construction crews can get to work.
The bill provides additional small and mid-sized business tax cuts through expansion of Section 199A, a 20% tax deduction first enacted in TCJA that will now be expanded to 23%.
The Trump tax cuts have already doubled the child tax credit from $1,000 to $2,000 and the big bill will expand it to $2,500.
The bill also provides tax simplification.
It increases the standard deduction – also known as the “zero” tax bracket – by $2,000 for married couples and $1,000 for individuals. The 2017 Trump cuts already doubled the standard deduction and as a result, over 90% of Americans now use it. Thanks to Republicans, nine out of ten taxpayers no longer have to “itemize” their deductions and no longer have to deal with shoeboxes full of receipts at tax time.
The big bill’s expansion of this deduction will help even more households each April.
The big beautiful bill also fully repeals the obnoxious Biden IRS 1099-K Venmo tax paperwork nightmare. Congressional Democrats and Biden had imposed a law requiring tens of millions of confusing new tax forms called 1099-Ks each year.
The Biden law forces the issuance of a 1099-K form even when no tax is owed, such as when roommates use Venmo or Paypal to split the rent, or when friends pay a restaurant tab, or even when someone sells an old item from their basement on eBay or Facebook Marketplace. Under the Democrat law, the burden is on you to prove to the IRS the payment is not taxable.
Biden not only imposed the paperwork law, his IRS chief “waived” the law during the Biden presidency but as soon as Trump became President this year, that same IRS chief waved a wand and declared the law would go into full effect, with the devious hope that Americans would blame Republicans for the enormous headache caused by the privacy-invading law.
The bill fully repeals the paperwork law. This provides relief to Americans who do not have time to argue with IRS agents all day about non-taxable payments.
The bill provides Death Tax relief for family farms and businesses and provides research and development tax cuts.
Trump’s most prominent tax promise – no tax on tips – is fulfilled and provides tax cuts for not only employees but for independent contractors too. Waiters, waitresses, drivers, barbers, stylists, caddies, gig workers and other traditionally tipped Americans will benefit and see an immediate reward for their hard work.
Seniors will receive an enhanced tax cut with a $4,000 additional special deduction, available to both itemized filers and non-itemized filers.
And there’s more. Currently, Americans are forced to pay a $200 federal excise tax for each firearm suppressor. The bill reduces the tax to zero. This is a big help for Americans who want to protect their hearing while hunting or practicing at the range.
The bill provides an above-the-line deduction of up to $10,000 for car loans for vehicles whose final assembly occurred in the U.S. and even repeals yet another Obamacare tax, the 10% small business tax on indoor tanning. Nancy Pelosi had inserted that tax increase back in 2009 at the last minute as a substitute for the “botax” on elective cosmetic surgery. The tanning tax ended up putting thousands of small businesswomen out of work. This will be the seventh Obamacare tax hike repealed by Trump.
Reread the above list of pro-growth, pro-family, pro-small business tax reductions and ask yourself how any and every Democrat who votes NO on extending the Trump tax cuts will be able to face voters and say they voted to raise taxes on families, workers, neighborhood businesses and savings for college.
This bill guarantees that the Republicans will maintain the majorities in the House and Senate and that Trump will have full four years to reform Washington.
Pass the bill now and let America get to work.
Grover Norquist is president of Americans for Tax Reform.
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