Washington, D.C. - The Ways and Means Committee has passed their One, Big, Beautiful Bill to make 2017 tax cuts permanent and provide additional relief for farmers, families, and small businesses.
"The House Ways and Means Committee Republicans have delivered on our promise to provide tax relief for farmers, families, and small businesses," said Congresswoman Fischbach (MN-07). "The Democrats spent nearly eighteen hours arguing against this tax relief package, but common sense prevailed. I am proud to have been a part of this major step towards getting this 'One, Big, Beautiful Bill' passed and securing critical tax policies for the American people."
This One, Big, Beautiful Bill:
- Makes the 2017 Trump tax cuts permanent, protecting the average taxpayer from a 22% increase.
- Makes permanent the doubled guaranteed Standard Deduction and expands it by $2,000 for every American family.
- Creates new tax relief for seniors by adding an additional $4,000 deduction for those age 65 and over.
- Makes permanent the 199A small business deduction and expands it to 23% for the over 60,000 small businesses in the 7th District.
- Makes permanent and increases the doubled Death Tax Exemption for the nearly 30,000 farms in the 7th District, helping families pass down their life's work to the next generation.
- Prevents the Child Tax Credit from being cut in half and expands the credit to $2,500 to support 74,460 families in the 7th District.
- Eliminates tax on tips and overtime pay.
- Expands 529 education so families can make the right choices for them, including for K-12 education materials, universities, or trade school.
