Chambers Nationwide Celebrate Passage of Competitive Tax Code Overhaul

On July 4th, President Trump signed into law the “One Big Beautiful Bill”, a sweeping and multifaceted piece of legislation that marks one of the most comprehensive domestic policy overhauls in recent history. The bill passed both chambers of Congress—narrowly clearing the Senate with a tie-breaking vote by Vice President JD Vance and later receiving final approval in the House—and now sets in motion a broad range of reforms across nearly every sector of the federal government.

Big ticket items:

• Trump-era tax policies made permanent, plus new incentives for manufacturing and innovation

• The largest middle-class tax cut in U.S. history, including no tax on tips, overtime, or Social Security

• Permanent investments in border security, with billions for enforcement, infrastructure, and immigration reform

• Massive military modernization, including missile defense, shipbuilding, and Indo-Pacific deterrence

• Expanded domestic energy production and rollback of major Inflation Reduction Act provisions

• Stricter eligibility for federal assistance programs like SNAP, Medicaid, and student loans

• New infrastructure investments in aviation, space, education, and rural development

• Click here for a more detailed overview

Now signed into law, the package is poised to impact millions of Americans, reshape federal spending priorities, and drive economic shifts.

WY It Matters

Over the past 18 months, your Wyoming Chamber has worked alongside the U.S. Chamber of Commerce and a national coalition of associations, state, and local chambers to advocate for competitive, pro-growth tax policy. That included hosting our own tax roundtable with Congresswoman Hageman here in Wyoming, giving local employers and industry leaders the opportunity to directly share their perspectives with lawmakers.

For businesses, this legislation signals a renewed focus on tax simplification, deregulation, and domestic growth. With expanded expensing for manufacturing, reduced energy costs, and incentives for capital investment, the bill offers a pro-growth environment aimed at boosting productivity, labor participation, and long-term economic competitiveness. A competitive and consistent tax code is a cornerstone of long-term economic growth, and this legislation gets us closer to the 3% annual GDP growth rate the nation needs.