SCOTT BESSENT: President Trump's 'big, beautiful bill' will unleash parallel prosperity
The same issues that drove the Founders to declare independence from the Crown in 1776 drove 77 million Americans to the polls in 2024: heavy taxes, weak leadership, and an overreaching government numb to the needs of its citizens. President Trump won in a landslide victory by offering powerful solutions to each of these problems. He is the American people's declaration of independence from business as usual in Washington.
The president seeks to serve "the forgotten men and women of America." And the One Big, Beautiful Bill, which he signs into law today, is central to that mission. This historic legislation will make life more affordable for all Americans by unleashing parallel prosperity—the idea that Main Street and Wall Street can grow together.
NEW PROJECTION SIGNALS GOOD NEWS FOR FAMILIES, WORKERS IN TRUMP'S 'BIG, BEAUTIFUL BILL'
The One Big, Beautiful Bill represents the priorities of the new Republican Party, which includes millions of working-class Americans who once called themselves Democrats. This bill builds on the blue-collar renaissance started by President Trump.
Since President Trump took office in January, blue-collar wages have increased 1.7%. This represents the largest increase in working-class wages to start a presidency in more than 50 years. For comparison, working-class wages decreased during the same period under every single president since Richard Nixon with only one exception—President Trump in his first term.
Key to sparking the president’s second blue-collar boom has been his efforts to end illegal immigration. The open-border policy of previous administrations accelerated our nation’s affordability crisis. The influx of millions of illegal aliens put an unsustainable strain on healthcare, housing, education and welfare. It also supported a black market in labor that artificially suppressed working-class wages for decades. But that ends with the One Big Beautiful Bill.
The One Big Beautiful Bill is more than just a tax bill. It works to ensure that illegal immigrants are not taking advantage of the safety net created for Americans. The bill also funds the completion of the border wall and provides resources to hire thousands of additional federal agents to protect our country against future illegal immigration. The goal is to redirect the estimated $249 billion in annual wages paid to illegal workers to lawful workers and American citizens. Ending the black market of undocumented labor by funding enforcement of our existing immigration laws will result in a massive pay raise for the working class.
We have seen American workers benefit from the president’s economic approach before. Under President Trump’s 2017 tax cuts, the net worth of the bottom 50% of households increased faster than the net worth of the top 10% of households. That will happen again under the One Big Beautiful Bill.
The bill prevents a $4.5 trillion tax hike on the American people. This will allow the average worker to keep an additional $4,000 to $7,200 in annual real wages and allow the average family of four to keep an additional $7,600 to $10,900 in take-home pay. Add to this the president’s ambitious deregulation agenda, which could save the average family of four an additional $10,000. For millions of Americans, these savings are the difference between being able to make a mortgage payment, buy a car, or send a child to college.
The president is delivering on his promise to seniors as well. The bill provides an additional $6,000 deduction for seniors, which will mean that 88% of seniors receiving Social Security income will pay no tax on their Social Security benefits.
The One Big Beautiful Bill also codifies no tax on tips and no tax on overtime pay—both policies designed to provide financial relief to America’s working class. These tax breaks will ensure Main Street workers keep more of their hard-earned income. And they will bolster productivity by rewarding Americans who work extra hours. All Americans can learn how President Trump’s tax cuts will impact their lives for the better with a new White House calculator.
These productivity-enhancing measures dovetail with the second booster in the blue-collar boom: providing 100% expensing for new factories and existing factories that expand operations, plus car loan interest deductibility to support Made-in-America.
Economic security is national security. This became especially clear during COVID, which exposed glaring vulnerabilities in our critical supply chains. By providing 100% expensing for factories—in addition to rebalancing trade to encourage greater domestic production—President Trump is fortifying our supply chains and reawakening the might of America’s industrial base.
To help fuel this effort, the president is unleashing American energy by removing onerous regulations, increasing oil and gas lease sales, eliminating the perverse subsidies of the Green New Scam, and refilling the Strategic Petroleum Reserve. These measures will make life more affordable for American families by bringing down the costs of gas and electricity across the country.
CLICK HERE FOR MORE FOX NEWS OPINION
Through the One Big Beautiful Bill, President Trump is taking a bottom-up approach to restoring the economy. To that end, the bill makes the 2017 tax cuts permanent to give businesses of all sizes the certainty they need to grow, hire, and plan for the long term. It also provides targeted relief for small businesses by more than doubling the cap on overall small business expensing. These tax provisions will put billions of dollars back in the hands of America’s small business owners, which they can then use to expand their workforce and reinvigorate Main Street.
The intent of all these policies—be it tax cuts for the working class, full expensing for manufacturers, or new deductions for small businesses—is the same: to improve the lives of Americans on every rung of the economic ladder. With visionary leadership, President Trump is laying the foundation for the Golden Age he promised through tax deals, trade deals, peace deals, and deregulation.
The One Big Beautiful Bill will Make America Affordable Again. It will cement the blue-collar boom, reignite U.S. manufacturing, and unleash the commercial potential of the greatest economy in the world. Today marks the passage of the largest tax cut in history for our nation’s workers. It is a tribute to the Founders who demanded lower taxes themselves and is the perfect way to begin America’s 250th anniversary celebration.