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Today’s inflation report brought more welcome news that prices are down and wages are up — and that progress will be supercharged with President Donald J. Trump’s One Big Beautiful Bill.

Secretary of the Treasury Scott Bessent told Congress how the One Big Beautiful Bill — the largest tax cut in history — will boost that progress for middle-class Americans and the private sector without fueling inflation:

“The One Big Beautiful Bill will raise take-home pay between $7,800 and $13,300 for the average family of four. It will increase wages between $6,100 to $11,600 for the average worker.” (Watch)
“Not only does the One Big Beautiful Bill add $500 to the Child Tax Credit, it makes it permanent.” (Watch)
“It will cement No Tax on Tips, No Tax on Overtime, and tax cuts for seniors.” (Watch)
“The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum.” (Watch)
“The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made in America.” (Watch)
“The legislation will provide … the ability to buy a new American-made car and deduct the interest.” (Watch)
“This bill will allow us to prevent our corporate revenues from being drained into foreign treasuries — and that is in the hundreds of billions of dollars.” (Watch)
If the One Big Beautiful Bill doesn’t pass, “it would be cataclysmic. It would be the largest tax hike in history. It would be a disaster for businesses, for working Americans, and for our status in the world … We would see increases in taxes of thousands of dollars on working Americans, we would see businesses contract and we would see a substantial increase in the unemployment rate.” (Watch)