You have, by now, probably read a lot about the so-called One Big Beautiful Bill (OBBB), signed by President Trump over the weekend. Like all massive omnibus spending bills, there’s a lot of good and a lot of bad in the bill. Small government stalwarts like Thomas Massie and Rand Paul opposed the massive deficit increases in the bill, while supporters in the GOP cheered on the increased funding for border security and other priorities pushed by President Trump.
Treasury Secretary Scott Bessent took to FoxNews.com to explain the bill’s benefits, noting efforts in the bill to end illegal immigration, prevent taxes from rising back to pre-2017 levels, increasing the Social Security tax deduction, no tax on tips, no tax on overtime pay, 100% expensing for new factories and existing factories that expand operations, car loan interest deductibility. He concludes:
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.
Action Line: The OBBB has its warts, including the expansion of America’s already wide deficit, adding more debt to the balance sheet that future Americans will be forced to reckon with. However, there are some things Main Street America will like as well. What do you think about the OBBB? Email me at ejsmith@yoursurvivalguy.com. And click here to subscribe to my free monthly Survive & Thrive letter.
