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“THE ONE, BIG, BEAUTIFUL BILL” —
Tips, Overtime, and Family Paychecks to Get HUGE Boost!
HERE IT IS: House Republicans Release Trump-Approved Tax Plan
“THE ONE, BIG, BEAUTIFUL BILL” —
Tips, Overtime, and Family Paychecks to Get HUGE Boost!
by Jim Hᴏft May. 13, 2025 8:15 am
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.
Trump wrote on Truth Social:
“This week the Republicans are meeting in the Tax, Energy, and Agriculture Committees on major pieces of “THE ONE, BIG, BEAUTIFUL BILL.” Republicans need to UNIFY behind their Highly Respected Chairmen, Jason Smith, Brett Guthrie, and Glenn “GT” Thompson. Remember, these are men that truly strive to do what is RIGHT for America. The Democrats, on the other hand, want to DESTROY our Country.
You must oppose these Democrat Amendments which, in all fairness to them, were made prior to my News Conference this morning announcing that Drug Prices, under our Most Favored Nations Policy, will be going down from 50% to 90%, affecting EVERYTHING that is done in a very positive way.
When I return from the Middle East, where great things will happen for America, we will work together on any and all outstanding issues, but there shouldn’t be many — The Bill is GREAT. We have no alternative, WE MUST WIN! But now, with the tremendous Drug and Pharmaceutical Cuts, plus massive incoming Tariff Money, our
“GREAT, BIG, BEAUTIFUL BILL” just got much BIGGER and BETTER.
The Golden Age of America will soon be upon us. MAKE AMERICA
GREAT AGAIN!”
Major Tax Cuts and Extensions
- Extension of Individual Tax Rate Cuts:
- Makes the Trump-era tax rate reductions permanent, eliminating the 2025 expiration.
- Increased Standard Deduction:
- Extends the increased standard deduction and adds a temporary $1,500 boost for individuals and $1,000 for heads of household (2025–2028).
- Enhanced Child Tax Credit:
- Boosts the child tax credit from $2,000 to $2,500 per child through 2028.
- Requires Social Security numbers for eligibility (to exclude undocumented individuals).
- No Tax on Tips:
- Creates a full income tax deduction for tips earned in traditionally tipped industries (waitstaff, hairdressers, etc.) through 2028.
- No Tax on Overtime Pay:
- Allows workers to deduct qualified overtime compensation from their taxable income (excluding high earners), also through 2028.
- Bonus Deduction for Seniors:
- Adds a $4,000 “bonus” standard deduction for seniors with moderate incomes ($75K single / $150K joint cap), available 2025–2028.
- Boosted Small Business Tax Break:
- Increases the Section 199A deduction from 20% to 23% for pass-through business income.
- Makes the deduction permanent beyond 2025.
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- Expanded Estate & Gift Tax Exemption:
- Triples the exemption from $5 million to $15 million, indexed for inflation.
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- Ends Deduction for Personal Exemptions:
- Continues to eliminate personal exemptions post-2025.
- Limits on Itemized Deductions:
- Caps itemized deduction benefit at a 37% tax rate threshold.
- Permanently disallows certain miscellaneous itemized deductions.
- Casualty Loss & Mortgage Interest Limits:
- Extends Trump-era limitations on these deductions.
- ABLE Account Enhancements:
- Continues increased contributions and allows 529 rollovers into ABLE accounts.
- Saver’s credit applies to ABLE contributions.
- Student Loan Relief:
- Makes loan discharges for death or permanent disability tax-free beyond 2025.
- Military Hazard Pay:
- Expands exclusion for military serving in Kenya, Mali, Burkina Faso, and Chad.
- Limitations and Eliminations Maintained:
- Continues limitations on mortgage interest and casualty loss deductions.
- Continues suspension of the deduction for personal exemptions and miscellaneous itemized deductions.
This is what America First tax reform looks like.
