.President Trump signed the One Big Beautiful Bill Act (OBBBA) into law last week on Independence Day. This historic piece of legislation is the culmination of years of work, and I’m happy it’s officially law.
House Republicans on the Ways and Means Committee traveled the country to hear from American workers, families and small businesses leading up to the OBBBA. In our ten tax teams, we developed tax provisions that would best serve the American people. I had the privilege of chairing the U.S. Innovation Tax Team and serving on the Global Competitiveness Team.
Our historic legislation includes wins for American families and workers. Workers can expect $7,200 higher annual real wages. Families in the United States will benefit from a doubled standard deduction with an additional $1,500 increase, a doubled Child Tax Credit with an additional $400 for families of four, expanded Health Savings Account eligibility and an enhanced Adoption Tax Credit.