President Donald Trump’s ‘One Big Beautiful Bill’ (BBB) is progressing through the Senate as the Finance Committee recently released a revised version.
The measure was recently passed in the House of Representatives and includes policies like no taxes on tips, tax cuts, and immigration regulations.
According to supporters of the BBB, the Senate’s approval would codify numerous salutary Trump administration policies.
U.S. Secretary of the Treasury Scott Bessent lauded the Senate’s progress on the BBB and stated that its passage “will deliver the permanence and certainty both individual taxpayers and businesses alike are looking for, driving growth and unleashing the American economy.”
Senate Finance Committee Chairman Mike Crapo (R-ID) claimed the BBB will yield taxpayers $4 trillion in savings.
“This bill prevents an over-$4 trillion tax hike and makes the successful 2017 Trump tax cuts permanent, enabling families and businesses to save and plan for the future,” argued Chairman Crapo.
President Trump passed the Tax Cuts and Jobs Act (TCJA), a major tax reform law, in 2017.
The TCJA mainly reduced personal income and corporate taxes among other regulatory tax reforms.
However, the TCJA is set to expire in 2025 absent an extension, which would raise tax rates precipitously.
According to recent reports, TCJA’s expiry would increase 80% of Americans' tax burdens.
“If the One Big Beautiful Bill does not pass, Americans will see the largest tax hike in history,” warned the White House.
The BBB also includes laws to prevent taxes on tips and overtime work, expands school choice programs, slashes ‘green’ subsidies, and enacts Medicare reforms.
Senate Majority Leader John Thune (R-SD) echoed the White House’s urgency, arguing that “failure” to pass the BBB “is not an option here.”
“The alternative is allowing waste, fraud, and abuse to continue in critical programs like Medicaid, which threatens the program’s ability to deliver for those who need it,” continued Leader Thune.
