The US House Ways and Means Committee issued a release after voting on 14 May 2025, to approve the tax provisions of the “One, Big, Beautiful Bill” (budget reconciliation legislation).

The approved provisions align with those outlined before the full committee’s markup of the legislation. The US House Ways and Means Committee released a Description of Tax Provisions related to budget reconciliation recommendations, including proposals to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and other reforms on 12 May 2025.

The One, Big, Beautiful Bill, makes the 2017 Trump tax cuts permanent, provides additional tax relief for working families and small businesses, rewards investment and manufacturing in America.

The release states that these provisions will provide small businesses, manufacturers, and farmers the certainty and confidence to fuel a second Trump economic boom through new investment and job creation. Families and workers will save money from lower tax rates, a larger Child Tax Credit, and President Trump’s tax priorities for hardworking Americans: tax relief for seniors, no tax on tips, no tax on overtime pay, and no tax on auto loan interest for American-made cars.

Working families will now receive on average a USD 1,300 tax cut and workers will get USD 3,300 more in real income back. Permanence of the 2017 Trump tax cuts will save six million jobs, including 1.1 million manufacturing jobs.

Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after committee approval of the legislation:

“America is one step closer to stopping the looming 22% average tax increase facing every American and, instead, rebuilding our economy for the working class. This cornerstone of President Trump’s economic agenda will put the interests and needs of working families and small businesses ahead of Washington, bring jobs and manufacturing back to America, and usher in a new golden era of prosperity. The average family will avoid a USD 1,700 tax increase and instead have USD 3,300 more in income, and six million jobs will be saved. It’s sad that every single committee Democrat voted for the largest tax hike in American history and against additional tax relief for families, farmers, and small businesses. Ways and Means Republicans will continue to work closely with President Trump and our House colleagues to get the One, Big, Beautiful Bill that delivers on the President’s agenda to his desk as soon as possible.”

Detailed section-by-section overview of the approved tax provisions:

The Bill is scheduled for review by the full House of Representatives during the week beginning 19 May 2025.