Tax Relief and Historic Reform

Well, first of all, it means that the American people won’t face a $4 trillion tax hike at the end of the year if the Big, Beautiful bill is passed. That’s what we’re trying to prevent and avoid.

It also adds a number of new tax provisions. It eliminates taxes such as, as the President has pointed out, taxes on tips, taxes on overtime, reduces taxes for Social Security recipients. There are many things in there, Martha, that benefit middle-income families. For example, there’s an increase in the child tax credit.

So it’s preventing a massive tax hike, providing more relief to the American people in the form of tax cuts, and putting more money in their pockets so they send less to Washington. That’s what it’s all about, first and foremost.

But it’s also about securing the border. It’s about modernizing our military. It’s about ensuring we remain dominant in energy moving forward.

There are a lot of components in this bill, and perhaps most important for many people is that it includes the largest spending cut in history and reforms to programs that haven’t been attempted around here in decades.

This is a bill we need to get across the finish line. It’s more difficult in the Senate. We have different rules to follow compared to the House, and we’re in the process of working through that. But in the coming weeks, I’m hopeful we’ll get it done.