Congressman Rudy Yakym (IN-02) issued a statement following the passage of the House Ways and Means Committee’s “One, Big, Beautiful Bill:”
“Today marks a major victory for hardworking Hoosiers," Yakym said. “After nearly 18 hours of Democrats arguing for tax hikes on everyday Americans, the Ways and Means Committee passed our “One, Big, Beautiful Bill” that provides real, lasting tax cuts for workers, families, farmers and small businesses. By extending and expanding the 2017 Tax Cuts and Jobs Act, this bill advances pro-growth policies that help hardworking Hoosiers and Americans keep more of what they earn.”
Key provisions of the bill:
• Extends and expands the 2017 Tax Cuts and Jobs Act
• Prevents the largest tax increase in American history
• Eliminates taxes on tips
• Exempts overtime pay from federal taxes
• Ends taxation of loan interest on American-made vehicles
• Delivers targeted tax relief for seniors
• Makes the Child Tax Credit permanent
• Provides permanent relief from the Death Tax
• Permanently secures the Section 199A small business deduction
• Makes 100% immediate expensing permanent
• Doubles and permanently enshrines small business expensing
• Provides immediate expensing for new U.S. manufacturing and production facilities.
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