Legislative proposals to comply with the reconciliation directive included in section 2001 of the Concurrent Resolution on the Budget for Fiscal Year 2025, H. Con. Res. 14.
2025-05-13
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Source: Congress.gov
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The committee will come to order. Today, this committee will move forward on President Trump's promise of delivering historic tax relief for working families, farmers, and small businesses. The one big beautiful bill is the key to making America great again. This moment has been years in the making. While Democrats were defending IRS audits on the middle class, and tax carve-outs for the wealthy, Republicans on this committee got on the road to hear from real Americans about how the 2017 tax cuts benefited them. This bill wasn't drafted by special interests or K Street lobbyists. It was drafted by the American people in communities across the country. We heard from a mother in Iowa, Sarah Curry, who can afford the care required for her son living with disabilities because of lower taxes and the double child tax credit the 2017 tax cuts delivered. We met another Iowan, a farmer named Jolene Reason, who takes comfort knowing her sons won't have to sell off the family's farms, acreage, thanks to a double death tax exemption. An accountant for small businesses in Georgia, Alison Couch, shared how the small business tax deduction helps her clients create jobs. And a North Carolina manufacturer, Courtney Silver, was able to give every employee a raise, expand her workforce by 20%, and start an apprenticeship program training the next generation because of the tax relief delivered in 2017. After the Trump tax cuts went into effect, real household incomes grew. by $5,000.
Prices were stable. Five million jobs were created. Investment poured into every corner of America and the economy grew faster than so-called experts in Washington ever predicted. If the Trump tax cuts expire, every single American will face on average a tax increase of 22%. Democrats who vote against this tax relief will be voting for the largest tax hike in American history. The loss of the small business deduction would destroy jobs and shutter doors on Main Street. Working class communities would be devastated by the loss of more than 1 million manufacturing jobs. Family farms would be sold off. This bill makes the 2017 tax cuts permanent, locking in lower tax rates for workers, small businesses and farmers. These provisions offer the certainty and support small businesses and manufacturers need to invest in America and bring back the economic prosperity of President Trump's first term. The 2017 Trump tax cuts gave a boost to workers. The new 2025 Trump tax cuts will provide even more tax relief by delivering on President Trump's promise to hardworking Americans. And it provides that relief immediately. A single mom waiting tables will no longer owe taxes to the federal government on her hard-earned tips. The linemen who worked countless hours restoring power in the aftermath of devastating natural disasters in places like North Carolina and my home state of Missouri will no longer pay taxes on overtime pay. Seniors like my aunt who had to take a job as a door greeter at our local Walmart to supplement her Social Security income
after the loss of my uncle, her husband, will receive much needed tax relief in this bill. Working families will be spared from a $1,700 tax hike. Parents will benefit from a 25% increase in the child tax credit that will grow with inflation and get help with the high cost of childcare, adoption, and education. Americans will pay less for health care through expanded eligibility for health savings accounts, the elimination of bureaucratic waste and abuse, and the end of illegal immigrant access to Obamacare's premium tax credits. Main Street will grow again. This legislation makes the small business deduction permanent and increases it to 23% helping small businesses compete with larger corporations with a lower rate. Mom and pop businesses will power the economy to new heights, adding one million new jobs annually and over $750 billion in growth over the next decade. Opportunity zones will ensure low-income and distressed communities, especially those in rural areas, share in this surge of new investments, new jobs, and new possibilities. Two million family-owned farms and small businesses will benefit from a death tax exemption that is larger, permanent, and indexed to inflation, keeping the legacy of family farming alive in America. This tax bill will jumpstart a revival of manufacturing in our country. We are delivering on the President's pledge of lower taxes for companies who make the smart choice to build new factories in America. Working-class families buying American-made cars will pay no taxes on their auto loan interest.
And business will boom with a restored R&D credit, full expensing, and interest deductibility, creating jobs here at home and helping America compete abroad. The story of American manufacturing will transform from one of lost jobs, abandoned factories, and forgotten towns to good paying jobs for Americans in new state-of-the-art facilities. This bill also means the end of Washington's special treatment of wealthy elites.
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