U.S. Senate Committee on Finance Press Release

Below is a press release from the U.S. Senate Committee on Finance - Chairman Mike Crapo. 

The One Big Beautiful Bill Invests in Families

​Washington, D.C.--The One Big Beautiful Bill Act invests in American families by making the Trump tax cuts permanent, enhancing the child tax credit and strengthening childcare assistance. Together, these measures make raising a family more affordable for hardworking taxpayers. 
 
“This legislation not only prevents the biggest tax hike in history, but it also provides significant tax relief for hardworking families through measures like increasing and making the doubled child tax credit permanent, and enhancing tax benefits that make child care more affordable,” said Finance Committee Chairman Mike Crapo (R-Idaho).
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Key wins:

• Permanent lower tax rates, letting Americans keep more of their hard-earned money.
• Permanent increased and enhanced $2,200 child tax credit for tens of millions of families.
• Permanent increased and enhanced standard deduction, claimed by over 90 percent of taxpayers.
• Strengthens employer-provided childcare credit and boosts childcare assistance.
• Establishes savings accounts for newborns, building financial security for the next generation.  

 
What they are saying:
 
“We applaud the Senate’s action to progress this critical legislation and expand upon President Trump’s tax relief for hardworking Americans. The One, Big, Beautiful Bill will protect families and small businesses from the largest tax hike in history and deliver No Tax on Tips, No Tax on Overtime, and new tax cuts for seniors. The passage of this bill will deliver the permanence and certainty both individual taxpayers and businesses.” – U.S. Treasury Secretary Scott Bessent
 
“Passing an extension and permanency for the Tax Cuts and Jobs Act (TCJA) out of the Senate is the next step in extending tax cuts for working Americans. The TCJA was an unmitigated success that benefitted American families, workers, and the overall economy.” – Americans for Prosperity
 
Click HERE to learn more about the Finance Committee provisions in the One Big Beautiful Bill Act.