Senator John Hoeven today helped secure passage of the One Big Beautiful Bill, legislation to provide permanent tax relief for American families and small businesses, while delivering on key promises, including:
- Securing the border.
- Rebuilding our military.
- Supporting farmers and ranchers.
- Unleashing American energy dominance.
At the same time, the legislation finds savings of $1.6 trillion through common sense reforms and reducing waste, fraud and abuse, ultimately reducing the deficit by $507 billion.
“The One Big Beautiful Bill will provide permanent tax relief, ensuring that Americans can keep more of their hard-earned dollars,” said Hoeven. “This legislation delivers on promises made by President Trump, including securing the border, investing in our military, empowering American energy dominance and supporting our farmers and ranchers. These are the priorities that will make our nation more prosperous and more secure.”
Tax Relief for Families and Small Businesses
The legislation permanently extends current individual tax rates and bracket changes of the Tax Cuts and Jobs Act, preserving $2.6 trillion in tax breaks for those earning under $400,000 per year, and preventing a $1,700 tax hike on the average family of four.
The bill provides new and expanded tax deductions and credits for individuals, families and seniors, including:
- No taxes on tips or overtime for millions of American workers.
- Increasing and making permanent the enhanced child tax credit at $2,200, with $1,700 of that amount being refundable, adjusted for inflation.
- Permanent relief from the death tax by setting the exemption to $15 million or $30 million for those married filing jointly, adjusted for inflation.
- Savings accounts for newborns to help build financial security.
- A new $6,000 tax deduction for millions of low- and middle-income seniors. Combined with other deductions, this will result in the average beneficiary paying zero taxes on Social Security.
Source : senate.gov