🚨Treasury Secretary Scott Bessent has fired the starting gun on what he calls “the biggest tax cut in modern history,” unveiling a muscular “One Big Beautiful Bill” designed to pour rocket fuel into President Trump’s second-term economic engine.
In a rapid-fire social-media thread, the economy chief promised zero federal income tax on every waiter’s tips and every nurse’s overtime shift, plus a fatter standard deduction that will pad pay-packets across America. Seniors, too, get their own bonus break so they can “keep more of what they’ve earned.”
Bessent – fresh from chairing a Financial Stability Council summit in Washington – insists the plan will “boost revenue through expansion, not higher rates,” paving the way to a headline-grabbing 3 percent real GDP goal.
Main Street, not Wall Street
Small-business owners are set for a windfall. The bill keeps, and even sweetens, the prized pass-through deduction while letting innovators expense research costs on day one, sparing start-ups years of painful amortisation. “Main Street, not Wall Street, drives the next wave of jobs,” Bessent declared – music to the ears of mom-and-pop shopkeepers from Peoria to Pensacola.
Made in America — and proud of it
In a direct swipe at Beijing and Brussels, the measure hands firms a full 100 percent write-off on new US-based factories, kit and machinery, complete with revived bonus depreciation. The message: build it here, hire here, own it here. Stronger domestic supply chains, Bessent argues, mean fatter pay cheques and tougher national security.
Red line on foreign tax raids
Perhaps most crowd-pleasing of all is a new retaliatory trigger: if any foreign government slaps an extraterritorial tax on an American company, that nation’s residents will be hit with higher US taxes until they back down. “Foreign governments should never profit by taxing US success within our borders,” the Secretary warned.