The House adopted the One Big Beautiful Bill Act (yes, that is the official title) by a vote of 215-214 this morning. This is good news for Main Street businesses, who have a lot at stake in this effort – failure by Congress to act would result in one of the larger tax hikes in history, so success is essential here.

Pro-Main Street provisions in the bill include making permanent the lower rates on pass-through income, making permanent and expanding the 199A pass-through deduction, and making permanent and expanding the estate tax exemptions that benefit family businesses. The bill would …

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More than ninety trade associations came out in support of a broad tax package before the House Ways & Means Committee later today. The legislation builds on the TCJA by making permanent and expanding several key provisions important to America’s pass-through community.

As the letter reads:

This legislation would provide certainty to the more than 95 percent of all American businesses structured as S corporations, partnerships, and sole proprietorships. These pass-through businesses employ 62 percent of the private sector workforce and form the economic backbone of virtually every community nationwide.

Provisions key to the Main Street community include increasing the Section 199A deduction …

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The White House as recently as yesterday was actively pushing lawmakers to include a rate hike in Tuesday’s Ways & Means markup, with Commerce Secretary Howard Lutnick telling reporters the rate hike was a “smart” move. Then this morning President Trump appeared to back off the effort, posting the following:

An hour later NEC Director Kevin Hassett appeared on CNBC and when asked about the proposal said the President is “not thrilled about it…it’s not high on the President’s list.”

So it’s anyone’s guess where things stand over at the …

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