President Donald Trump’s economic team is sounding the alarm—and the opportunity—on a landmark piece of legislation making its way through Congress. Kevin Hassett, the President’s chief economic adviser, is calling this package a potential “golden age” trigger for the American economy, one that could increase family incomes by $10,000 over just a few years.
Dubbed the “big, beautiful bill” by Hassett, this legislation is more than just another economic policy proposal. It’s a direct attempt to make Trump’s wildly successful 2017 tax cuts permanent while shielding the middle class from what could be the biggest tax hike in American history. And that’s not exaggeration—if this bill stalls in the Senate, the expiration of those tax cuts could hit Americans hard, regardless of income bracket.
“If we pass the bill, you’re going to see really striking economic growth, just like we saw in 2018 and 2019,” Hassett said in a recent interview. “Our models now say we’re going to get $10,000 in income for the typical family over just a few years.”
That’s not just talk—it’s backed by economic modeling that saw real results under the first Trump term. When the 2017 tax cuts were signed into law, Americans saw job creation explode, small businesses thrive, and manufacturing return to the U.S. The current bill builds on that momentum, preserving the child tax credit and cutting taxes on hard-earned tips for service workers. It’s a clear message: This administration hasn’t forgotten about working Americans.
Representative Mark Harris of North Carolina made it clear that failing to pass the bill isn’t just bad politics—it’s a direct tax hike on every American. “Every family, from the poorest to the wealthiest, was going to see an increase, because the tax brackets were going to automatically increase,” Harris said in a televised interview. “That’s unacceptable.”
While the House has already passed the bill, its fate now hangs in the Senate, where a few holdouts remain. Chief among them is Wisconsin’s Senator Ron Johnson, who’s raised concerns about the potential for increased debt and deficit spending. Johnson isn’t necessarily opposed to the bill’s goals—he’s worried about fiscal balance. And that’s a fair concern. Conservatives have long warned against deficit spending, even when pursuing worthy goals.
But what Hassett and the Trump team argue is that the real cost will come from not passing this bill. If allowed to expire, the 2017 tax cuts would roll back, sending tax bills sky-high and possibly triggering a recession. Hassett didn’t pull punches, predicting a potential 4% drop in GDP if the Senate fails to act.
“We’re giving people an incentive to go to work,” Hassett explained. “We’re giving businesses an incentive to create jobs here in the U.S. and to build buildings in the U.S.” He believes the bill would unleash another economic boom similar to what America saw pre-pandemic—only this time, it’s about sustainability, not just recovery.
Consumer confidence is already ticking upward. Businesses are preparing for a boom. Firms are racing to invest in American soil, rebuild domestic manufacturing, and hire American workers. This is what putting America First looks like in action.
And yet, even with the clear economic upside, the usual skeptics are holding back. The White House is optimistic the bill will be passed by July 4, a symbolic reminder of economic independence. But the real fireworks would be what follows: rising wages, increased investment, and renewed confidence in the American Dream.
For many Americans, the numbers speak louder than ideology. Ten thousand dollars in added income isn’t theoretical—it’s groceries, a car payment, tuition, or retirement security. The Trump administration has made it clear: they’re not just trying to win the next news cycle—they’re trying to secure the financial future of American families.
The Senate now has a choice: step up, or step aside. The American people are watching.