U.S. Treasury Secretary Scott Bessent issued a glowing statement Thursday following the passage of the One, Big, Beautiful Bill Act, calling it a historic legislative win for American workers and families.
Bessent praised what he described as “the biggest legislative win for American workers and families” and credited the passage to President Donald Trump’s leadership alongside Speaker Mike Johnson, Senate GOP Leader John Thune, and congressional Republicans.
“The passage of the One, Big, Beautiful Bill has set the stage for the coming Golden Age as we prepare to celebrate the 250th year of our great nation,” Bessent said. “Thanks to President Trump’s visionary leadership… we’ve prevented the largest tax hike in history.”
Highlights of the Bill
According to the Treasury Department, the legislation includes several key provisions:
- Permanent tax cuts for families, workers, and businesses
- No tax on tips or overtime pay, aiming to benefit hourly and service-sector workers
- New tax cuts for seniors, though details were not immediately available
- Measures to reduce federal waste, fraud, and abuse
- Increased support for national security and manufacturing
Bessent said the bill continues what he called a “blue-collar boom,” referencing post-2017 tax reform efforts under Trump’s first term. He suggested the legislation will bring economic stability and renewed growth, citing the 2017 Tax Cuts and Jobs Act as a precedent.
Political and Economic Context
The bill comes at a politically-charged moment, as the U.S. approaches its Semiquincentennial in 2026. It’s also seen as a major legislative victory for Trump’s campaign, which has been pushing for populist economic reforms centered on working-class gains.
While supporters tout the bill as relief for workers and seniors, critics are expected to raise questions about its impact on the federal deficit, long-term funding for social programs, and the distribution of benefits.
Looking Ahead
With the bill now passed, attention turns to its rollout and implementation. Economists and policy analysts across the spectrum will be watching closely to see if the promises of wage growth, job creation, and manufacturing investment materialize—or if the bill’s broad language leaves room for interpretation.
As of press time, the newest full legislative text had not been released, and independent analysis of its fiscal impact is still pending. We just hope the politicians, who passed it, actually read the whole approximately 900-page document themselves. By comparison, Tolstoy’s War & Peace clocks in at around 1,225 pages.