House Republicans early this morning passed what they are calling the "One Big Beautiful Bill," landmark legislation designed to stimulate economic growth, expand manufacturing, and bolster America's position as an energy-producing superpower.
According to Representative Beth Van Duyne (R-TX), the bill delivers on the mandate from the American people by cutting taxes for working families and small businesses, responsibly reducing federal spending, revitalizing national security through border security measures, and enhancing America's competitiveness for business growth and expansion.
Rep. Van Duyne stated that the bill incorporates critical tax and regulatory reforms, providing businesses with the certainty needed to invest and expand. For the past two years, Van Duyne and her Ways and Means Committee colleagues have engaged with small businesses, job creators, and innovators across the country, who consistently emphasized the need for reduced tax burdens and fewer regulations to free up capital for investment in equipment, research and development, new employees, and operational expansion in a globally competitive landscape.
Key priorities included in the bill:
- Passthrough/Small Business Deduction: The deduction for qualified business income from the Tax Cuts and Jobs Act (TCJA) is made permanent and increased from 20% to 23% for taxable years beginning after December 31, 2025.
- Research and Development: Extends the immediate deduction of domestic R&D expenses until January 1, 2030.
- Bonus Depreciation: Allows taxpayers to immediately expense 100% of the cost of qualified property acquired on or after January 20, 2025, and before January 1, 2030.
- Individual and Family Provisions: The nearly doubled standard deduction from the TCJA is made permanent.
- Enhanced Standard Deduction for Seniors: Increased to $4,000 per eligible filer with an income less than $75,000 for single filers and $150,000 for those filing jointly.
- Extension of Increased Child Tax Credit: The doubled child tax credit from the TCJA, $2,000 per child, is made permanent.
- No new taxes on tips, overtime, or car loan interest.
- Expansion of Health Savings Accounts (HSAs): Individuals entitled to Part A of Medicare by reason of age are allowed to contribute to HSAs. Bronze and catastrophic plans are allowed in connection with HSAs. The bill also empowers both spouses to make catch-up contributions to the same HSA and increases the HSA contribution limitation for certain individuals.
Rep. Van Duyne expressed anticipation for continued collaboration with the White House, House colleagues, and the Senate to refine the bill further and ultimately present it to President Trump for his signature. She believes the bill sets the stage for "virtuous cycles of opportunity and prosperity ushering in the Golden Age of America."
