Congresswoman Claudia Tenney has announced the advancement of “The One, Big, Beautiful Bill” from the House Ways and Means Committee. This legislation aims to extend several provisions of the 2017 Trump Tax Cuts permanently. The bill focuses on maintaining reduced tax rates for individuals and families, doubling the standard deduction and child tax credit, and making permanent the 199A Small Business Deduction.
In her statement, Congresswoman Tenney emphasized the importance of this legislation in preventing a significant tax increase for taxpayers in her district, NY-24. She stated: “Today, the House Ways and Means Committee voted to advance our portion of the One, Big, Beautiful Bill to deliver on President Trump’s America First agenda.”
Despite not including all her initiatives such as the New Markets Tax Credit or various other legislative priorities, Tenney highlighted that ensuring American families do not face substantial tax hikes takes precedence. She added: “House Republicans are moving ahead with President Trump’s One, Big, Beautiful Bill.”
Key features of this bill include measures to save American families an average of $1,700 annually and create six million jobs. It also seeks to establish savings accounts for newborns and enhance opportunity zones aimed at generating over $100 billion in investments within ten years.
Additionally, it proposes changes like increasing university endowment taxes and repealing certain gig worker reporting thresholds. The bill also intends to modernize housing credits to address housing shortages while terminating tax-exempt statuses for organizations supporting terrorism.
