"Revolutionary shift": Explaining how the Tax Legislation could enhance citizens' lives
The One Big Beautiful Bill Act (H.R. 1) is generating widespread enthusiasm among U.S. businesses and industry leaders, who view it as a significant catalyst for economic growth and job creation across various sectors.
According to Suzanne P. Clark, President and CEO of the U.S. Chamber of Commerce, the bill delivers lasting, pro-growth tax reforms that provide American businesses and workers with permanent tax relief. This relief is expected to foster sustained economic growth, boost reinvestment, and enhance America's global competitiveness, encouraging businesses to invest long-term, increase productivity, and raise wages for workers.
Industry leaders such as Kevin Keane, President and CEO of the American Beverage Association, believe the bill will lead to growth in good-paying jobs for family-owned businesses. Emily Skor, CEO of Growth Energy, expects the bill to unlock billions of dollars of new investment across rural America for the U.S. biofuel industry. Jason Oxman, President and Chief Executive Officer of the Information Technology Industry Council, expresses gratitude for the bill's focus on encouraging innovation investment, research, and development that will encourage further manufacturing and job creation in the U.S.
The bill also empowers small business owners to invest, hire, and raise wages, benefiting communities and ushering in what some call "America's next Golden Age." For instance, the Steel Manufacturers Association praised the bill for making historic investments that will benefit workers and the economy at large. The LIBRE Initiative highlighted the bill’s importance for Latino workers and entrepreneurs, noting that making the low tax rates and small business provisions permanent helps ensure these groups can thrive with greater economic certainty and opportunity.
Key provisions of the bill include making permanent the tax benefits from the 2017 Tax Cuts and Jobs Act, providing deductions for domestic R&D expenditures, 100% bonus depreciation for business investments, and expanded business interest limitations. These provisions are expected to sharpen America’s competitive edge and increase prosperity in local communities.
The One Big Beautiful Bill Act is also beneficial for industries like the restaurant industry, with the full deduction of equipment expense in the bill allowing restaurants to free up capital while making important improvements in their establishments. The bill also provides tax certainty for Main Street businesses everywhere, from beer distributors to independent grocers, giving them the ability to reinvest back in their businesses.
Moreover, the bill is crucial for capital-intensive industries like the forest and paper industry, allowing for long-term certainty for manufacturers to invest in the United States. The bill also gives tax certainty and tax relief to the distilled spirits industry, including 3,100 distilleries and their partners. The bill will put more money in workers' pockets, increasing prosperity in communities across the country.
In summary, the One Big Beautiful Bill Act is seen by the U.S. Chamber and industry leaders as a landmark legislation that will create millions of jobs, boost business investments, and raise wages, thereby broadly stimulating economic activity across sectors such as manufacturing, small businesses, and others. The bill aims to provide permanent tax relief for American businesses, enabling all Americans to achieve financial security.
- The One Big Beautiful Bill Act is generating widespread enthusiasm among U.S. businesses and industry leaders, viewing it as a significant catalyst for economic growth and job creation.
- Suzanne P. Clark, President and CEO of the U.S. Chamber of Commerce, believes the bill delivers lasting, pro-growth tax reforms providing American businesses and workers with permanent tax relief.
- Industry leaders like Kevin Keane, President and CEO of the American Beverage Association, anticipate the bill will lead to growth in good-paying jobs for family-owned businesses.
- The bill empowers small business owners to invest, hire, and raise wages, benefiting communities and ushering in "America's next Golden Age."
- Key provisions of the bill include making permanent the tax benefits from the 2017 Tax Cuts and Jobs Act, providing deductions for domestic R&D expenditures, and 100% bonus depreciation for business investments.
- For instance, the Steel Manufacturers Association praised the bill for making historic investments, benefiting workers and the economy at large.
- The bill is crucial for capital-intensive industries like the forest and paper industry, allowing for long-term certainty for manufacturers to invest in the U.S.
- The bill also provides tax certainty and tax relief to the distilled spirits industry, including 3,100 distilleries and their partners, and puts more money in workers' pockets, increasing prosperity in communities.
- In summary, the One Big Beautiful Bill Act is seen as a landmark legislation that aims to create millions of jobs, boost business investments, raise wages, and provide permanent tax relief for American businesses, enabling all Americans to achieve financial security.
