{"database": "press", "table": "releases", "rows": [["https://www.crapo.senate.gov/media/newsreleases/crapo-highlights-tax-wins-for-hardworking-americans-and-main-street", "Crapo Highlights Tax Wins for Hardworking Americans and Main Street", "2025-06-28", "2025", "2025-06", "Republican", "Senate", "ID", "Mike Crapo", "C000880", "www.crapo.senate.gov", "crapo", "https://www.crapo.senate.gov/media/newsreleases", "scraper", "Washington, D.C.\u2014U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) today released an updated revenue estimate from the Joint Committee on Taxation\u2019s (JCT) of the Finance Committee\u2019s tax title, which demonstrates significant tax relief for working families and small businesses.\n\n\u201cIf the Trump tax cuts expire, taxpayers in all income groups would face massive tax hikes and the majority of the burden\u2014$2.6 trillion\u2014would fall on taxpayers making less than $400,000 per year,\u201d Crapo said. \u201cThis legislation prevents that outcome and delivers more than $600 billion of new tax relief specifically targeted to benefit low and middle-income families and workers.\u201d\n\nDespite critics\u2019 rhetoric about tax cuts for \u201cbillionaires and corporations,\u201d the reality is this legislation prevents massive tax hikes across-the-board and overwhelmingly benefits middle-class households and job creators.\n\nThe Joint Committee on Taxation says the One Big Beautiful Bill provides:\n\n$73 billion in inflation tax relief targeted at income brackets below $100,000 per year.\n\n$205 billion in tax relief to the 90 percent of taxpayers who claim the standard deduction.\n\n$93 billion in additional tax relief for seniors through a new $6,000 bonus exemption.\n\n$124 billion investment in children of low- and middle-income families, in addition to the permanent, doubled child tax credit.\n\nThe legislation provides significant tax relief to hardworking families:\n\nPermanent lower tax rates, with an additional year of inflation adjustment to the 10 percent and 12 percent brackets, letting Americans keep more of their hard-earned money.\n\nPermanent increased and enhanced standard deduction. Beginning in 2025, the standard deduction, claimed by 90 percent of taxpayers, increases by $1,500 for married couples, $1,125 for a head of household and $750 for individuals.\n\nPermanent increased and enhanced child tax credit for tens of millions of families. Increases the child tax credit to from $2,000 to $2,200 per child beginning in 2025.\n\nTax relief for seniors. Provides a $6,000 bonus exemption to millions of low- and middle-income seniors, slashing their tax burden.\n\nNo tax on tips for millions of tipped workers. Creates a deduction of up to $25,000 for qualified tips for millions of tipped workers like waitresses, barbers, hairstylists, and taxi drivers.\n\nNo tax on overtime for millions of America\u2019s hourly workers. Creates an above-the-line income deduction for overtime premium payments of up to $12,500 for hourly workers who work overtime and keep America running.\n\nNo tax on auto loan interest of up to $10,000 for new cars made in the U.S., allowing hardworking families to fully deduct auto loan interest on American-made cars.\n\nEnhances 529 education savings accounts, making education expenses more affordable and accessible for families.\n\nEstablishes savings accounts for newborns and children up to age 18, building financial security for the next generation.\n\nExtends paid family and medical leave credit to all 50 states and lowers minimum employee work requirement to six months from one year.\n\nEnhances the child and dependent care credit and the dependent care assistance program, making child care more accessible and affordable for working families.\n\nRepeals the Democrats\u2019 onerous IRS reporting requirements on gig workers who rely on third-party payment processors like Venmo and PayPal for transactions.\n\nIncreases the 1099-MISC threshold, reducing the paperwork burden for small businesses and workers.\n\nExpands health savings accounts, allowing taxpayers to save and invest more of their own money tax-free to use for health care expenses.\n\nPermanent deduction on charitable contributions for non-itemizers. Establishes a permanent deduction of up to $1,000 for single filers and $2,000 for joint filers who do not itemize deductions.\n\nFor small businesses that spur investment and economic activity, the bill:\n\nMakes the 20 percent small business deduction permanent and includes a new, inflation-adjusted, minimum deduction of $400 for taxpayers who have at least $1,000 of qualified business income (QBI). Ensures small business owners with a certain QBI level are entitled to an enhanced baseline deduction, enabling job creation and spurring local economic activity.\n\nRestores and makes permanent full expensing for domestic R&D to encourage domestic innovation. Permanently allows businesses to immediately expense 100 percent of the cost of qualified property acquired on or after January 19, 2025. Without restoration of immediate 100 percent expensing, businesses were only allowed to immediately expense 40 percent of the cost for 2025 before it was scheduled to fall to 20 percent in 2026.\n\nRestores and makes permanent full expensing for new capital investments. Permanently allows businesses to immediately expense 100 percent of the cost of qualified property acquired on or after January 19, 2025. Without restoration of immediate 100 percent expensing, businesses can only immediately expense 40 percent of the cost for 2025, and this percentage would fall to 20 percent in 2026. It also increases the maximum amount a taxpayer may expense under Section 179 to $2.5 million. Permanent expensing for investments in machinery and equipment will boost domestic production.\n\nRestores and makes permanent interest deductibility. Permanently restores the ability of businesses deducting net interest payments to include depreciation and amortization costs for taxable years beginning after December 31, 2024. Since 2017, the amount of interest deductions that businesses can take became limited to only using earnings before interest and taxes, representing a significant tax increase on firms. Restoring and making the deduction permanent at a globally competitive standard will help finance critical domestic investments.\n\nIncludes full expensing for new factories and factory improvements to accelerate domestic manufacturing. Under current law, businesses must deduct the cost of nonresidential real property over a 39-year period.\n\nPermanently renews and enhances the Opportunity Zone program, driving $100+ billion of investment to rural and distressed communities.\n\nClick HERE for tax wins.\n\nClick HERE to view text of the Finance reconciliation bill.\n\nClick HERE for a section-by-section.\n\nClick HERE for a bill overview.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T12:29:27Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.crapo.senate.gov/media/newsreleases/crapo-highlights-tax-wins-for-hardworking-americans-and-main-street"], "units": {}, "query_ms": 0.7507139816880226, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}