Breaking Down Historic Relief for Michiganders

On our nation's 249th birthday, President Trump signed into law H.R. 1, the One Big Beautiful Bill Act. This legislation turns the page on four years of runaway federal spending and begins a new chapter for America. The One Big, Beautiful Bill is pro-worker, pro-family, pro-senior, pro-small business, and pro-farmer. In this week's newsletter, you'll find examples of the many important provisions in the legislation that will provide relief for you and your family. For more information, please click here. 

Pro-Worker

The One Big, Beautiful Bill permanently extends the successful tax provisions from the Tax Cuts and Jobs Act, preventing the largest tax hike in history. It also delivers for American workers by implementing no tax on tips and overtime, allowing them to keep more of their hard-earned money. Furthermore, the pro-growth provisions in the legislation will help create and protect 7.2 million full-time jobs, according to the Council of Economic Advisors. To calculate your personal savings with these policies, click here.

Pro-Family

The One Big, Beautiful bill also empowers families by putting more money back in the pockets of Michigan parents. For residents of Michigan's 5th District, this legislation prevents a 27% tax hike and prevents 66,780 families in Michigan's 5th District from seeing their household’s Child Tax Credit cut in half. To further benefit hardworking Michigan families, the legislation also increases the Child Tax Credit to $2,500 per child, establishes accounts for newborns to start saving, and strengthens paid family leave. The Council on Economic Advisors has also estimated that the One Big, Beautiful Bill will increase take-home pay for a typical family of 4 in Michigan by up to $11,700.

Pro-Senior

This legislation amounts to the largest tax break in history for our nation's seniors. It provides historic tax relief for seniors with a new bonus deduction of $6,000 for seniors age 65 and older, or $12,000 for married seniors. Under the legislation, 51.4 million seniors, or 88% of all seniors who receive Social Security, will see their tax deductions exceed their taxable Social Security income, meaning they will no longer pay federal income taxes on their Social Security benefits, according to the Council of Economic Advisors.

Pro-Small Business

The One Big, Beautiful Bill empowers small businesses, allowing for business expansion, creating more good-paying jobs, and growing our economy. By making the 20% small business deduction from the Tax Cuts and Jobs Act permanent, small businesses will create 1 million new jobs and $75 billion in economic growth every year. The legislation also includes full expensing for research and development initiatives, equipment, and upgrades to manufacturing plants, allowing small business owners to further invest in their companies. 

Pro-Farmer

The legislation cuts taxes for farmers by over $10 billion and permanently extends many vital tax provisions for farmers. This includes doubling the Death Tax exemption and indexing it for inflation each year to protect family farms from the Death Tax’s 40% rate. By preventing the death tax from hitting two million family-owned farms that would otherwise see their exemptions cut in half, we can secure the legacy of family farming. The One Big, Beautiful Bill also strengthens risk management tools, invests in the farm safety net, and expands agricultural trade and specialty crop programs to help Michigan farmers compete.