From The National Desk:
“President Trump’s proposed tax cuts, encapsulated in the ‘One, Big, Beautiful Bill,’ aim to extend the pro-growth and pro-worker legacy of the 2017 Tax Cuts and Jobs Act (TCJA), the White House told exclusively to The National News Desk.
The TCJA previously cut taxes across the board for working families, allowing Americans to allocate more of their earnings toward family, community, and future investments.
This initiative, along with business tax provisions, spurred a blue-collar boom characterized by record-high income gains, record-low poverty, and significant wage increases, particularly for low-wage workers, according to the White House. […]
The ‘One, Big, Beautiful Bill,’ according to the White House, seeks to further this growth by creating incentives to expand America’s domestic manufacturing base and providing targeted relief to workers affected by high inflation and sectoral declines.
Some of the key provisions provided by the Trump administration include eliminating taxes on tips and overtime, saving workers approximately $1,675 and up to $1,750 per year.
The bill also proposes temporary full expensing for new factories and lower tax rates on domestic manufacturing to enhance the industrial base and boost economic opportunities.
According to the White House, Enhanced Opportunity Zone incentives are expected to drive over $100 billion in investment, create more than 1 million new jobs, and lead to the development of hundreds of thousands of new homes in distressed communities, particularly in rural areas.
The Joint Committee on Taxation reported that the percentage decline in federal taxes is smaller for the top 1 percent under the bill, resulting in them taking on a greater share of total federal taxes.
The White House says that if the bill fails to pass, it could result in a $4 trillion tax hike, potentially leading to recessionary challenges.”
Click here to read the full story.
Click here to read the report from the Council of Economic Advisers.