Exclusive—Rep. Jason Smith: This Fourth of July, Americans Celebrate the Largest Tax Cut in History
Today, the United States celebrates the anniversary of our brave founders declaring our nation’s independence, embarking on the path to freedom from tyranny, taxation without representation, and a distant elite who ignored the will of the people. Nearly 250 years later, America finds itself at another crossroads.
Americans have endured Democrats’ terrible policies for too long: open borders that strain communities and endanger our families’ safety, sky-high inflation eroding family budgets, weaponized lawfare aimed at silencing political opponents, and a hyper-partisan climate that has fractured faith in our institutions. Before last November, many wondered if our best days were behind us.
President Donald Trump’s One Big Beautiful Bill delivers a resounding answer: America’s decline is over. This July 4th, President Trump is signing not just a bill, but a promise kept – a declaration that the American people will once again chart their own destiny and will not allow ourselves to be defined by decline or defeat.
This bill represents the largest tax cut in American history and with it, more economic freedom and security for all. With this historic victory under President Trump, America officially turns the page on four years of economic decline and embarks on a new chapter in our nation’s history.
The success of the 2017 Trump tax cuts cannot be overstated. In the years following its passage, the United States’ economic growth far exceeded expectations. The bottom 20 percent of earners saw their federal tax rate fall to its lowest level in 40 years; wages grew at the fastest rate in 20 years; household income rose by $5,000; and the poverty level dropped to its lowest level in recorded history. The One Big Beautiful Bill builds on that success and provides additional relief by expanding the child tax credit and increasing the standard deduction, which 91 percent of taxpayers use when filing their taxes. For the average American family, these tax cuts combined with economic growth will mean up to an additional $10,900 in take-home pay.
President Donald Trump delivers remarks at an event promoting his administration’s “One Big Beautiful Bill Act” on June 26, 2025, in the East Room of the White House. (Official White House Photo by Gabriel B Kotico)
Republicans also deliver on President Trump’s campaign promises for working families that 77 million Americans voted for. No tax on tips, no tax on overtime, no tax on car loan interest, and tax relief for seniors will put money directly back into the pockets of the hardworking men and women in our communities. Imagine the difference this makes in the lives of everyday people: A single mom working at your local diner earning tips will get an additional $1,300 boost. The lineman helping restore power after a natural disaster will pay zero income taxes on his hard-earned overtime wages. Working and middle-class retirees will pay zero taxes on their Social Security benefits.
The One Big Beautiful Bill will unleash our nation’s economic growth by not only making the successful provisions of the 2017 tax cuts permanent, but by adding new pro-growth provisions like 100 percent immediate cost recovery for investments made in new factories in the U.S. to drive production and hiring here at home. We reward companies who manufacture and hire more Americans here at home, securing up to 7.2 million jobs and creating an additional one million small business jobs annually, which will fuel our manufacturing revival, and end the decline and hollowing out of rural communities across the country. This bill is for those communities, just like mine in Salem, Missouri, that have been overlooked and ignored by Washington while millions of good-paying American jobs were shipped overseas. That ends today.
Speaker of the House Mike Johnson (R-LA), center, surrounded by fellow Republicans, signs President Donald Trump’s signature bill of tax breaks and spending cuts on July 3, 2025, at the Capitol in Washington. (AP Photo/Mariam Zuhaib)
Last November, the American people spoke loud and clear and rejected the failed Bidenomics of big government control, open borders, runaway inflation, and reckless spending. Instead, through the One Big Beautiful Bill, Republicans deliver a historic investment in American families, small businesses, manufacturers, and farmers. We deliver the largest one-time investment in border security in American history. We take on reckless spending by making the largest cut to mandatory spending ever. And we put more money back in Americans’ pockets through the largest tax cut in American history. Today, on our Independence Day, we are celebrating the greatest economic revival in the United States that was only made possible by the greatest political comeback in American history.
This Fourth of July, we are not just lighting fireworks, we are igniting a new American economy. An economy not defined by Democrat-led defeat or decline but one that works for the working class, small businesses, manufacturers, and American farmers. Because of President Trump’s leadership – and because the American people refused to surrender their future – we stand on the verge of a new Golden Age. Together with the American people, we will make it shine.
Jason Smith represents Missouri’s 8th Congressional District and is chairman of the House Committee on Ways and Means.
