US House Passes 'One Big Beautiful Bill' to Boost Small Businesses
The US House of Representatives has narrowly approved the 'One Big Beautiful Bill', a significant piece of legislation aimed at bolstering small businesses and domestic production. The bill, championed by Congressman Roger Williams (R-TX), seeks to foster economic growth and reinvigorate Main Street's economy after years of financial strain. President Trump signed the bill into law on Independence Day 2025.
The bill, which also passed the Senate by a slim margin, proposes several key changes to the tax code. It increases the 199A small business tax deduction from 20% to a permanent 23%, an amendment expected to generate $750 billion in economic growth and create over 1 million new jobs. Additionally, the bill restores 100% expensing for small business investments and reinstates immediate expensing for research and development, providing businesses with more cash flow to invest and grow.
The 'One Big Beautiful Bill' also aims to simplify the tax code by expanding the standard deduction. Congressman Williams, who has been instrumental in advancing the bill through the House Committee on Small Business, believes that providing business owners with certainty and cash flow will encourage them to reinvest, aligning with small business owners' aspirations to grow their enterprises. However, the bill's potential challenges include navigating interactions with existing frameworks, regulations, and varying benefits across industries.
The 'One Big Beautiful Bill' has significant potential to uplift small businesses and rejuvenate local economies. Small business owners are encouraged to stay engaged with the legislative process and consider how these changes may impact their operations. Failure to pass the bill could have resulted in the largest tax increase in history, undoing progress made by small businesses since the 2017 tax cuts. Now, with the bill signed into law, small businesses can look forward to a more supportive tax environment.
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