Consequences of Failing to Approve the One Gigantic Marvelous Law
The One Big Beautiful Bill (OBBB), a proposed legislation, has been making headlines for its potential effects on the U.S. economy and families. Here's a breakdown of what the bill aims to achieve and the implications if it is not passed.
If the OBBB is not enacted, several significant changes could occur:
- Slower economic growth: The OBBB's permanent extension of tax cuts and new tax reliefs are designed to encourage businesses to invest and hire more workers. Without the bill, these incentives would disappear, slowing economic expansion.
- Fewer jobs created: The OBBB's tax provisions reduce burdens on families by cutting taxes on overtime pay and increasing deductions for seniors. Without these provisions, families could see higher tax liabilities and weaker disposable income growth, which could lead to a slower pace of job creation.
- Reduced investment: The OBBB provides new investment incentives, especially in energy infrastructure through revamped loan programs backed by $1 billion in funding and expanded lending authority. Without this support, energy and infrastructure investments may slow, limiting modernization and economic competitiveness.
- Community development challenges: By enabling more charitable giving through enhanced tax credits for donors to scholarship organizations and revising tax-exempt organization rules, the OBBB supports local community services and education initiatives. Without it, financial support for these programs could shrink, hindering community development and revitalization efforts.
The OBBB also aims to boost families' take-home pay, though it is not explicitly projected to create millions of jobs or lead to a blue-collar boom. It's important to note that the OBBB is projected to be the largest nominal tax increase in U.S. history if the 2017 tax cuts are not maintained. This proposed tax hike could result in an economic downturn.
In summary, not passing the OBBB risks reversing momentum in economic growth, job creation, family income improvement, strategic investment, and community revitalization efforts by losing the bill’s planned tax cuts, investment funding, and support frameworks embedded in law since July 2025.
[1] Congressional Budget Office Report on the One Big Beautiful Bill (OBBB) [2] Joint Committee on Taxation Analysis of the One Big Beautiful Bill (OBBB) [3] National Community Development Association's Position on the One Big Beautiful Bill (OBBB) [4] Energy Infrastructure Council's Analysis of the One Big Beautiful Bill (OBBB)
- If the One Big Beautiful Bill (OBBB) is not enacted, there could be a reversal in the momentum of economic growth, job creation, family income improvement, strategic investment, and community revitalization efforts, as the planned tax cuts, investment funding, and support frameworks embedded in law since July 2025 would be lost.
- The One Big Beautiful Bill (OBBB), if not passed, might result in a potential slowdown in the creation of jobs, as the bill's tax provisions such as the reduction in overtime pay taxes and increased deductions for seniors are crucial for families' disposable income growth, which in turn contributes to job creation.
