ONE YEAR LATER: Working Families Tax Cuts Delivering for American Workers, Families, Farmers, Seniors, and Small Businesses

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement marking the one-year anniversary of President Trump signing the One, Big, Beautiful Bill – which included the Working Families Tax Cuts – into law:

“One year ago, Republicans enacted the largest tax cut in our nation’s history, delivering historic relief to American workers, families, farmers, and small businesses. With $82 billion in new tax relief created in the first year of the Working Families Tax Cuts, Policies like No Tax on Tips, No Tax on Overtime, No Tax on Social Security, and No Tax on Auto Loan Interest are putting more money directly into the pockets of millions of Americans while rewarding hard work and entrepreneurship. We are also seeing historic investments across the country because the Working Families Tax Cuts have given job creators the certainty they need to invest, hire, and expand their businesses. Just in the first year of this law, 7.5 million Americans benefitted from the No Tax on Tips, 29 million Americans benefitted from No Tax on Overtime, 35 million Americans benefitted from No Tax on Social Security, 1.4 million Americans benefitted from No Tax on Auto Loan Interest, 5.5 million Americans opened a Trump account. Those numbers will only get better over time. One year later, the results are clear: Republican tax policy is creating more jobs, bigger paychecks, and stronger communities across America.”

Organizations representing American workers, farmers, manufacturers, small businesses, taxpayers, seniors, and job creators are marking the one-year anniversary of the Working Families Tax Cuts by highlighting the law’s positive impacts.

National Association of Manufacturers (NAM)

“H.R. 1 is a landmark win for manufacturers and is one of the most consequential pieces of legislation in a generation. One year ago, Chairman Smith and the Ways and Means Committee helped shepherd this bill across the finish line—delivering the permanent, pro-growth tax code manufacturers needed to invest, hire, raise wages and benefits, and plan for the long term. I saw a first-hand example of this successful policy in North Carolina, a sign hung above a piece of a manufacturer’s equipment that said it was ‘made possible by the 2025 tax law provisions.’ The worker operating that machine: his job was made possible by the law. Manufacturers will continue sharing stories like this while working with policymakers to continue strengthening America’s competitiveness.” – Jay Timmons, President & CEO, NAM

National Association of Wholesalers (NAW)

“The results one year later are nothing short of remarkable. The WFTC made pro-growth tax policy permanent, and that permanence gave small businesses the confidence to plan in spans of years rather than months. They’ve responded by unleashing a wave of hiring, investment, and growth we haven’t seen in years.” – Eric Hoplin, President & CEO, NAW

National Restaurant Association (NRA)

“Provisions such as full expensing for capital investments, the 20% qualified business income deduction, and restored interest deductibility have given restaurant owners the confidence to invest in their businesses, create jobs, and strengthen local economies. Combined with No Tax on Tips and No Tax on Overtime, the law is helping both operators and employees keep more of what they earn and invest in the future of their business, the lives of their employees, and the communities that count on them each day.” – Sean Kennedy, CAO, NRA

Business Roundtable (BRT)

“One year after the Working Families Tax Cuts became law, we celebrate a landmark victory that created a more prosperous economic environment for American businesses, workers and families. By preserving a competitive corporate tax rate and making key pro-growth tax provisions permanent, this law has helped fuel investment, innovation and economic growth. In the years to come, it will continue delivering for working families through increased job opportunities, higher wages and stronger household income.” – Joshua Bolten, CEO, BRT

Small Business & Entrepreneurship Council (SBE Council)

“The Working Families Tax Cuts permanently strengthened the foundation for entrepreneurship, investment, job creation, and economic growth. By providing long-term tax certainty, preserving and expanding key small business tax and investment provisions, and delivering meaningful relief for working families, employees, the self-employed, and independent contractors, the law has improved the environment for Americans to start businesses, grow existing enterprises, invest in their workers, and build stronger communities.” – Karen Kerrigan, President & CEO, SBE Council

National Association of Realtors (NAR)

“One year after becoming law, the tax provisions included in this legislation continue to benefit homeowners, consumers, and small businesses while helping make homeownership more affordable and accessible. By preserving the mortgage interest deduction, extending lower individual tax rates and the qualified business income deduction, protecting 1031 like-kind exchanges and business SALT deductions, and increasing the SALT deduction cap, these policies continue to support families, strengthen local economies, and promote investment in housing.” – Shannon McGahn, Executive VP & CAO, NAR

The National Cattlemen’s Beef Association (NCBA)

“In the past year since the Working Families Tax Cuts Act was enacted, American cattle producers have been able to invest more into their operations and rural communities because they have greater certainty in the tax code and access to important tools that encourage long-term investment and succession planning. With these tools in place, cattle producers have the confidence to buy new equipment and make necessary improvements to expand their operations, which ultimately stimulates the economy. The valuable tools that were passed into law provide permanent relief and will be crucial as cattle producers look to rebuild the U.S. cattle herd and continue providing high-quality, wholesome beef for the U.S. and the world.” – Gene Copenhaver, President, NCBA

Flex Association

“Among app-based workers who claimed the No Tax on Tips deduction, 69% said they paid less in taxes compared to last year, including 47% who said they paid noticeably less…This victory for app-based drivers and couriers is an important step toward ensuring all workers are treated fairly, regardless of how they earn a living.” – Kristin Sharp, CEO, Flex Association

National Federation of Independent Businesses (NFIB)

“The Working Families Tax Cuts Act is a landmark achievement that delivered meaningful tax relief for small businesses across the country. By making the 20% Small Business Deduction permanent, Congress prevented a massive tax hike on more than 33 million small businesses. This tax certainty provided owners with the tools to reinvest more of their hard-earned dollars back in their businesses, employees, and communities. Over the past year, NFIB members have used these tax savings to provide raises and bonuses to their employees, increase the benefits they can offer, expand operations and purchase new equipment, and increase their contributions to their local communities.” – Brad Close, President, NFIB

National Taxpayers Union (NTU)

“Taxpayers scored an enormous victory with the Working Families Tax Cuts. Not only did it provide critical tax relief to families, it also locked in strong incentives for job creators to expand and invest the U.S. economy. Further, it took significant steps toward rooting out waste, fraud and abuse in government programs by implementing commonsense reforms, like work requirements. National Taxpayers Union is thrilled to celebrate the one-year anniversary of the Working Families Tax Cuts.” – Brandon Arnold, Executive Vice President, NTU

American Hotel and Lodging Association (AHLA)

“This week marks an important milestone for the workers and small business owners who are the backbone of America’s hotel industry: the one-year anniversary of the enactment of the ‘Working Families Tax Cuts Act.’ For America’s hoteliers, this law spurred billions of capital investment empowering hotels to create more jobs, strengthen operations and invest in their communities.” -AHLA

Wine & Spirit Wholesalers of America (WSWA)

“The Working Families Tax Cut Act is an important milestone for America’s family-owned wine and spirits wholesalers—multigenerational, community-rooted businesses that play a vital role in the nation’s economy. Making the Section 199A deduction permanent is more than sound tax policy; it is a commitment to entrepreneurship, investment, and the local communities our members have served for generations. Since 2017, Section 199A has enabled WSWA members to reinvest more than $380 million in their businesses, with more than 90 percent going toward infrastructure, facilities, and equipment. Making this relief permanent gives family-owned, multigenerational wholesalers the confidence to keep investing in their businesses, supporting their employees, and strengthening the communities they call home.” – Dawson Hobbs, Executive Vice President, Government Affairs, WSWA

Association of Mature American Citizens (AMAC) Action

“The enhanced deduction for middle class seniors means more retirees can keep more of what they have earned. Death tax relief and strengthening incentives for small businesses helps family-owned farms and businesses stay in the family for the next generation. The Working Families Tax Cuts also makes historic investments in securing our border, strengthening safety and national security, while creating Trump Accounts to help parents and grandparents build a stronger financial future for America’s children. Together, these reforms help working families, seniors, and future generations succeed.” – Rebecca Weber, Chairwoman, AMAC Action

Center for a Free Economy (CFE)

“One year after President Trump signed H.R. 1, the Working Families Tax Cuts, millions of Americans are seeing the benefits in their paychecks, tax returns, and household budgets. Workers, seniors, parents, and families are keeping more of what they earn through lower taxes and expanded opportunities to save and invest. Over the past year, the Center for a Free Economy has tracked these reforms through research, blog posts, and educational videos that explain how the Working Families Tax Cuts are benefiting households across the country and strengthening incentives for work, savings, and economic growth.” – Ryan Ellis, President, CFE

Americans for Prosperity (AFP)

“One year ago, Congress took an important step toward restoring economic freedom and creating an environment where Americans can keep more of what they earn, businesses can invest with confidence, and families have greater opportunities to succeed. While there is still more work to do to rein in federal spending and make government more accountable, the One Big Beautiful Bill demonstrated what is possible when lawmakers prioritize policies that empower people instead of expanding bureaucracy. One year later, it’s time to build on that momentum by advancing policies that expand freedom, unleash opportunity, and keep government accountable to the people it serves.” – AFP

RATE Coalition

“One year after Chairman Smith’s tireless efforts to pass the Working Families Tax Cuts Act, the bill has created new opportunities for workers and businesses of all sizes across the country. This historic piece of legislation preserves America’s globally competitive corporate tax rate, keeps jobs in America, and empowers small businesses to grow and flourish.” – Dan Combs, Executive Director, RATE Coalition

Economic Investment Alliance (EIA)

“The Working Families Tax Cuts Act is strengthening the U.S. economy as it made 100% full expensing a permanent part of the tax code, providing businesses with long-term certainty to accelerate investment in American communities.” – EIA

Independent Women’s Voice

“The Working Families Tax Cuts are a win for working-class families. One year in, over 50 million taxpayers are benefiting from lower taxes and deductions that truly help hard workers. This is only the start of strong economic growth and financial security for millions of families.” – Independent Women’s Voice

60 Plus Association

“According to the U.S. Treasury, taxpayers have already claimed more than $82 billion in tax relief during the first filing season under the law, with 96 percent of those receiving tax cuts earning less than $200,000 annually. Nearly 70 percent of beneficiaries earned under $100,000, demonstrating that this legislation has delivered meaningful relief where it was intended: to working Americans, retirees, and middle-class families who have borne the brunt of inflation over the last several years.” – Saul Anuzis, President, 60 Plus Association

Retail Industry Leaders Association (RILA)

“When Congress passed the Working Families Tax Cuts act last year, it demonstrated a willingness to put Americans at the top of the priority list. As policymakers look ahead, maintaining a stable, competitive tax framework should remain a priority. Retailers need certainty to plan and invest. Workers benefit when businesses are positioned to grow. Communities benefit when retailers can continue serving as local employers and economic anchors. Consumers benefit when businesses can operate efficiently and compete effectively.” – RILA

National Retail Federation (NRF)

“One year after the Working Families Tax Cut Act became law, retailers continue to invest in their employees, communities and operations because Congress chose growth over higher taxes. The law has provided the certainty businesses need to plan, invest and grow, while helping keep the United States competitive in an increasingly challenging global economy.” – Ashley Wilson, Vice President of Tax Policy, NRF

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READ: No Tax on Overtime: $1,400 Tax Cut for Workers Will Fuel Manufacturing Comeback

READ: Big, Beautiful Success Story: Among American Industries, Manufacturing Benefits Most from Working Families Tax Cuts

READ: Chairman Smith at Sec. Bessent Hearing: Historic Investment Boom Means More Opportunity for Working-Class Americans

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