Trump’s ‘Big Beautiful Bill’ Could Boost Family Income by $10,000: Kevin Hassett [WATCH]

President Donald Trump’s top economic adviser is projecting that American families could see a $10,000 income increase over the next few years if Congress passes the administration’s sweeping economic proposal known as the “big, beautiful bill.”

The bill, which passed the House last week, is now facing debate in the U.S. Senate.

📊 NEC’s Kevin Hassett brought the calculators
🇺🇸 @PressSec brought the plain English

Inside the One Big Beautiful Bill:
✅ No Tax on Overtime
✅ Slashing Taxes on Social Security
✅ No Interest Tax on American Cars
✅ Universal 401(k) from Birth
✅ Build a Factory, Write It Off pic.twitter.com/rC7OCUMBQO

— The White House (@WhiteHouse) May 28, 2025

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Kevin Hassett, Director of the National Economic Council, shared the administration’s outlook during an interview with Just the News for an AMAC television special airing on Real America’s Voice. Hassett emphasized the potential financial benefits for working families while warning of significant economic risks if the bill fails to advance.

“If Republicans in the Senate don’t pass the big, beautiful bill, then we’re going to see the biggest tax hike as the previous tax cuts expire…the biggest tax hike that we’ve ever had in U.S. history,” Hassett said.

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He explained that allowing President Trump’s 2017 tax cuts to lapse would trigger automatic increases in tax brackets across all income levels, leading to what he described as a severe downturn.

“If we have that tax hike, the Council of Economic Advisers here at the White House has estimated that we’ll have a recession, a really deep recession with maybe a decline of 4% of GDP,” Hassett warned.

By contrast, passage of the bill would deliver an economic boost, he said, pointing to data from the Trump-era economic recovery.

“If we pass the bill, on the other hand, you’re going to see really striking economic growth, just like we saw in 2018 and 2019,” Hassett said.

“Our own models said that we’d have that $4,000 increase in income. They now say that we’re going to get $10,000 in income for the typical family over just a few years.”

“IF REPUBLICANS IN THE SENATE DON’T PASS THE BIG BEAUTIFUL BILL, THEN WE’RE GOING TO SEE THE BIGGEST TAX HIKE…IF WE PASS THE BILL…YOU’RE GOING TO SEE REALLY STRIKING ECONOMIC GROWTH.” – National Economic Council Chairman Kevin Hassett. pic.twitter.com/LJpHdUo1Lu

— Real America’s Voice (RAV) (@RealAmVoice) May 29, 2025

The legislation also includes a permanent extension of the Trump tax cuts and a continuation of popular provisions like the child tax credit.

“In this bill, we took care of the American family,” Rep. Mark Harris (R-N.C.) said on Just the News, No Noise.

“The child tax credit is going to be preserved. And most importantly, if we had not passed this bill that extended or made permanent the Trump tax cuts, then every American family, from the poorest to the wealthiest, was going to see an increase, because the tax brackets were going to automatically increase.”

Though the bill has cleared the House, its future in the Senate is uncertain. Some Republicans have raised concerns about its potential to expand the deficit, including Sen. Ron Johnson (R-Wis.).

“I’m not sure this big, beautiful bill can pass,” Johnson said during an earlier appearance on Just the News, No Noise.

“I’m not going to vote for it if it actually increases the deficit. And right now it looks like it will increase the deficit.”

The legislation contains several core components of the Trump economic agenda, including increased funding for border security, elimination of taxes on tips, and strong incentives for job creation and business investment within the United States.

“If you’re looking at the horizon, then you’re going to see a really golden age on the horizon, and it’ll be here, probably by the Fourth of July — certainly by recess,” Hassett said.

He also pointed to rising consumer confidence and renewed interest from manufacturers as signs that the American economy is gaining momentum.

“There’s a race to participate in the golden age in America right now,” Hassett said.

“Firms are coming as fast as they can to build stuff in the U.S., to create jobs in the U.S. [and] to rebuild factories.”

The Trump administration remains optimistic the bill will pass before Congress breaks for the July 4 recess.

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