These historic tax cuts lay the foundation for generational prosperity on Main Street

 

The new law includes numerous provisions that will directly empower small businesses and workers, including: 

• Prevents the largest tax hike in history, making the 2017 Trump Tax Cuts permanent and increasing the standard deduction for every American family.
• Makes the Small Business Tax Deduction permanent, preserving the 199A 20% small business deduction, which will generate $750 billion in economic growth and create over 1 million new Main Street jobs. Without the One Big Beautiful Bill, 26 million small businesses would have seen their top tax rate double to 43%.
• Supports the return of Made in America by allowing 100% expensing for new factories, factory improvements, equipment, and research and development.
• Ends the war on the gig economy by removing the requirement that Venmo, PayPal, and other gig transactions over $600 be reported to the IRS.
• Protects family farmers by preventing the death tax from hitting 2 million family-owned farms that would otherwise see their exemptions cut in half.
• Cuts taxes on seniors, tips, and overtime, saving tipped and overtime workers up to $1,750 per year.
• Protects Medicaid for working Americans, by ending benefits for at least 1.4 million illegal immigrants who are gaming the system.
• Increases the child tax credit to $2,200 per family.