The One, Big, Beautiful Bill Delivering for the American Economy – Ronald Reagan Presidential Library

On July 26, 2025, the House Committee on Ways and Means held a field hearing at the Ronald Reagan Presidential Library in Simi Valley, California, to examine the One Big Beautiful Bill, a comprehensive tax and spending package that had already been signed into law on July 4, 2025. The bill permanently extends individual income and estate tax provisions from the 2017 Tax Cuts and Jobs Act that were set to expire at the end of 2025, and includes new tax deductions for overtime pay, tips, and seniors, along with business tax provisions and changes to federal spending programs. The hearing featured testimony from six witnesses representing different economic sectors: Jay Timmons, President and CEO of the National Association of Manufacturers; Kevin Kester, a California cattle rancher; Raymond Huff, President of HJB Convenience; William Fulton, Vice President of Business Development at Robinson Helicopter Company; Dr. Josh Rauh, Senior Fellow at the Hoover Institution; and John Kim, President and CEO of Catalyst California. Witnesses generally supported the legislation, emphasizing its benefits for business planning and investment. Timmons highlighted the importance of tax certainty for manufacturers making major capital investments, while Kester discussed how the bill's permanent estate tax exemption would help family ranching operations plan for future generations. Key themes included the economic risks of allowing tax provisions to expire, the importance of business certainty for investment decisions, and the bill's provisions for manufacturing, agriculture, and small business. Witnesses argued the legislation would protect jobs and encourage economic growth. The hearing was held after the bill had already become law, so it served as a forum to discuss the legislation's anticipated economic impacts rather than to determine whether it would advance through Congress.