Largest US Tax Cut Bill Nears Senate Vote Amid Broad Economic Impact

President Donald J. Trump's One Big Beautiful Bill is being promoted as the largest tax cut in history, aimed at boosting wages, take-home pay, and economic momentum for American families and businesses. Treasury Secretary Scott Bessent highlighted that the bill would increase wages significantly, expand the Child Tax Credit, and make various tax cuts permanent, while supporting American manufacturing and protecting corporate revenues from foreign taxation. The legislation has received strong backing from small business owners, with polls indicating overwhelming support for extending the Trump Tax Cuts and provisions such as the qualified business income deduction that help small businesses thrive. Ohio Senator Bernie Moreno emphasized the urgency of passing the bill, especially in light of recent civil unrest, arguing that it will deliver substantial benefits to American workers. The bill is projected to provide around $4 trillion in total tax cuts, which proponents say will prevent a significant tax hike and economic downturn if not enacted. This legislation is framed as crucial for maintaining and expanding economic growth, job creation, and middle-class prosperity in 2025.