When President Donald Trump was elected in November, he made a series of promises to the people. One of those promises was to reinvigorate our economy and create more opportunities for families, farms, and small businesses across the nation.
Republicans in Congress have worked in lockstep with Trump to deliver on that promise. The key to jumpstarting our economy is for Congress to extend the successful provisions of the Tax Cuts and Jobs Act of 2017 through a wonky legislative process known as reconciliation. Reconciliation allows lawmakers to expedite legislation and enact policy quickly. Trump has dubbed this the “one big, beautiful bill.”
Passed in 2017, TCJA was one of the hallmarks of the first Trump administration and was the first major reform to the federal tax code in over 30 years. It lowered individual income rates, reduced the corporate tax rate, changed rules for estate and retirement planning, and minimized taxes for small businesses. Essentially, it cut taxes across the board.
The Tax Cuts and Jobs Act ignited a red-hot economy that lit an economic fire across our nation. After its passage, businesses were expanding, and families had more money in their pockets.
Unfortunately, if Congress does not act, many of the provisions in TCJA will expire at the end of the year. If that happens, the average family in my district of West Tennessee will face a nearly 26% tax hike. A child inheriting the family farm could pay such steep estate taxes that he is forced to sell it. And a small business owner competing with larger corporations could see her taxes nearly double.
These are not just numbers on a chart in Washington. These provisions affect each and every one of us. If they expire, the American dream could be unachievable for many of our citizens.
While Democrats were spending tax dollars over the past few years like our economy was a game of Monopoly, the House Ways and Means Committee was preparing for this moment.
As the chief tax writing committee in Congress, we held hearings across the nation to hear directly from individuals, business owners, manufacturers, and farmers. The number one thing they told us was that the Tax Cuts and Jobs Act worked, and we cannot let its important provisions expire.
If we want to revitalize our economy, we must ensure that workers and businesses have the support they need from our tax code. My colleagues and I took what the public told us and crafted a tax bill that benefits both businesses and workers, incentivizes innovation, and creates more opportunities from coast to coast.
This tax bill prioritizes pocketbooks by solidifying and increasing the doubled standard deduction, boosting the doubled child tax credit, expanding the small business deduction, and making the doubled death tax exemption permanent for family-owned farms. It even goes a step further and incorporates Trump’s priorities of no tax on tips, no tax on overtime, and tax relief for seniors.
CONGRESS SHOULD QUICKLY APPROVE TRUMP’S RESCISSION LEGISLATION
The One Big Beautiful Bill Act will be the cornerstone of Trump’s “America First” agenda. I am proud that the House of Representatives did its part and passed this historic legislation to ensure families and businesses are not forced to give more of their hard-earned money to Uncle Sam.
The One Big Beautiful Bill Act is once-in-a-generation, nation-building legislation that will drive economic growth, create jobs, and prioritize American families and businesses. Time is of the essence. I urge my colleagues in the Senate to pass this bill that will safeguard the American dream for all.
David Kustoff represents Tennessee’s 8th Congressional District in the U.S. House of Representatives.