House Republicans on the Ways and Means Committee—led by Chairman Jason Smith (R-MO)—have released the text of a monumental new tax reform package titled “The One, Big, Beautiful Bill.”
The bill, strongly backed by President Donald Trump, is aimed at delivering historic cuts to American families, workers, and small businesses.
The 389-page bill includes a long list of pro-growth, America-First provisions that echo many of the successful features of the 2017 Trump Tax Cuts—this time with added firepower.
Major Tax Cuts and Extensions
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Extension of Individual Tax Rate Cuts:
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Increased Standard Deduction:
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Extends the increased standard deduction and adds a temporary $1,500 boost for individuals and $1,000 for heads of household (2025–2028).
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Enhanced Child Tax Credit:
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Boosts the child tax credit from $2,000 to $2,500 per child through 2028.
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Requires Social Security numbers for eligibility (to exclude undocumented individuals).
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No Tax on Tips:
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Creates a full income tax deduction for tips earned in traditionally tipped industries (waitstaff, hairdressers, etc.) through 2028.
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No Tax on Overtime Pay:
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Bonus Deduction for Seniors:
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Adds a $4,000 “bonus” standard deduction for seniors with moderate incomes ($75K single / $150K joint cap), available 2025–2028.
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Boosted Small Business Tax Break:
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Expanded Estate & Gift Tax Exemption:
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Ends Deduction for Personal Exemptions:
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Limits on Itemized Deductions:
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Casualty Loss & Mortgage Interest Limits:
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ABLE Account Enhancements:
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ABLE Accounts:
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Student Loan Relief:
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Military Hazard Pay:
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Expands exclusion for military serving in Kenya, Mali, Burkina Faso, and Chad.
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Limitations and Eliminations Maintained:
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Continues limitations on mortgage interest and casualty loss deductions.
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Continues suspension of the deduction for personal exemptions and miscellaneous itemized deductions.
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This is what America First tax reform looks like.
Read the full text of the bill below:
