Congressman Vince Fong took part in a House Ways and Means Committee Field Hearing at the Ronald Reagan Presidential Library. The focus was on how the One, Big, Beautiful Bill (OBBB) affects small businesses, family farms, and innovation in the U.S. n nTestimonies came from local farmers, ranchers, and small business owners. They praised the bill for offering long-term tax relief that promotes growth. They believe the OBBB will help preserve jobs, encourage investment, and strengthen both California’s and the nation’s economy. n nCongressman Fong emphasized the advantages for California’s Central Valley, the state’s leading agricultural region. He noted that the bill would permanently increase the Death Tax exemption. n nHe also spoke about the bill’s provision for immediate R&D deductions. Fong argued that this would speed up technological progress, especially in aerospace. This, he said, could support California’s efforts to manage severe wildfires. n
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Congressman Fong highlights economic benefits of Trump’s ‘big, beautiful bill’ at hearing
Congressman Vince Fong participated in a House Ways and Means Committee Field Hearing at the Ronald Reagan Presidential Library to discuss the impact of the One, Big, Beautiful Bill (OBBB) on small businesses, family farms, and American innovation.
Local farmers, ranchers, and small business owners testified before committee members, emphasizing the bill’s permanent pro-growth tax relief. They argued that the OBBB will protect jobs, drive new investment, and strengthen both California’s economy and the broader American economic landscape.
Congressman Fong highlighted the benefits for the Central Valley, California’s top agricultural producing region, noting that the OBBB will permanently double the Death Tax exemption.
He also discussed the bill’s immediate R&D expensing, which he said will accelerate technological innovation, including advancements in the aerospace industry. This, Fong said, will aid California’s efforts to combat devastating wildfires.