Thu Jul 03 20:00:00 UTC 2025: Here’s a summary and a news article rewrite:

**Summary:**

Congress is on the verge of passing President Trump’s “One Big Beautiful Bill Act,” a massive tax cut and spending package. The bill makes key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent, including lower individual tax rates and an expanded standard deduction. It also introduces new, temporary deductions for tipped workers and overtime pay. Analysis suggests the bill will reduce taxes across all income levels, particularly benefiting low- and middle-income earners in the near term, though the benefits shrink in later years as some provisions expire. Treasury Secretary Bessent championed the bill, which Republicans are pushing through despite fiscal concerns.

**News Article:**

**Trump’s “One Big Beautiful Bill” Poised to Pass, Offering Tax Cuts Across Income Levels**

**Washington, D.C.** – The Republican-controlled Congress is nearing the final passage of President Donald Trump’s signature “One Big Beautiful Bill Act,” a sweeping tax and spending package expected to deliver significant tax relief to Americans across all income levels. Treasury Secretary Scott Bessent recently weighed in on the bill on Fox News.

The bill, which has been a major priority for the Trump administration, makes permanent key provisions of the 2017 Tax Cuts and Jobs Act (TCJA), including lower individual tax rates and an expanded standard deduction. These extensions account for a large portion of the bill’s estimated $4.4 trillion cost over the next decade, according to the Congressional Budget Office.

In addition to extending the TCJA, the “One Big Beautiful Bill Act” introduces new tax breaks, including a deduction of up to $25,000 for qualified tips received by tipped workers like restaurant servers and drivers, and an above-the-line deduction for overtime premium payments of up to $12,500 for hourly workers. However, these provisions are temporary, expiring in 2028.

A distributional analysis by the Joint Committee on Taxation (JCT) indicates that the bill will reduce federal taxes for the vast majority of Americans. Workers earning less than $15,000 are projected to see a 16.4% decrease in their federal tax burden in 2027. The analysis also showed tax decreases for middle income earners.

While the tax cuts are projected to benefit all income levels, the relative size of the cuts diminishes for higher earners. As the temporary provisions expire in later years, the overall tax reduction across income levels also shrinks, according to the JCT.

Despite potential long-term impacts and fiscal concerns, Republicans are moving forward with the bill. “This bill brings certainty and needed tax relief to hard-working American families,” said House Speaker Mike Johnson.

The bill now heads to a final vote in the House.

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