Small business owners overwhelmingly back the historic tax relief in President Donald J. Trump’s One Big Beautiful Bill, according to new polling:
- By a four-to-one margin, small business owners support extending the Trump Tax Cuts by passing the One Big Beautiful Bill.
- 71% of small businesses support maintaining and expanding the small business tax deduction (which the One Big Beautiful Bill does).
- 70% of small businesses say they’re likely to expand or reinvest in their business, boost worker wages or benefits, hire more employees, or increase charitable giving if the Trump Tax Cuts are extended.
- 64% of small businesses say they’re likely to delay expansion, get a loan, reduce inventory, reduce employees, or reduce hours or wages if the Trump Tax Cuts expire.
- 63% of small businesses say No Tax on Tips and No Tax on Overtime will make it easier to hire workers.
- “While there are numerous provisions in this bill that would support America’s small businesses, the update to Section 199A, the qualified business income deduction, would allow small businesses to thrive. This deduction is crucial for small businesses, allowing owners to deduct qualified business income. For many small businesses, this deduction has enabled them to remain afloat despite challenging market conditions.”
Inc.: Trump’s ‘Big Beautiful Bill’ Offers a Big Tax Win for Small Businesses
- “Among its many provisions are an increased tax deduction for qualified business income at pass-through companies; a higher deduction for state and local taxes; and the extension of various other corporate and individual tax cuts that President Trump passed during his first term, which are otherwise set to expire at the end of this year. The total tax cut included in the bill is estimated to be around $4 trillion.”
- “The National Federation of Independent Business (NFIB) supports the One Big Beautiful Bill Act because it is one of the most pro-small business pieces of legislation in recent history. The bill prevents a massive tax hike on over 33 million small business owners, while also providing a tax cut for most small business owners.”
The Trump White House also released the latest update on what happens if the Big Beautiful Bill doesn’t pass “Failing to extend the Trump Tax Cuts alone would stick Americans with the largest tax hike in history” and a list of the tax cuts in the bill:
- The largest tax cut in history for working and middle-class Americans.
- A 15% tax cut for Americans making between $30,000 and $80,000 per year.
- NO TAX ON TIPS and NO TAX ON OVERTIME.
- Boosting the Child Tax Credit to $2,500 for 40 million families.
- Historic tax cuts for seniors.
- No tax on car loan interest for American-made cars.
- Preserving the doubled standard deduction for 91% of taxpayers.
- Expanding Health Savings Accounts (HSAs) to give Americans greater choice and flexibility in how they spend their money on their health.
- Investment savings accounts to set all newborn American kids on the path to financial security from the very beginning.
- Increasing the Death Tax exemption for two million family farms.
- Tax Cuts and Jobs Act (TCJA)
- Consumer confidence index
- Republican party
- inflation
- gas prices
- trade war
- Present situation index
- Expectations index
- stocks
- Wall Street
- Labor market
- unemployment rate
- Right Track index
- Economic growth
- Big Beautiful Bill
