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‘Big Beautiful’ tax bill gets Senate review as family businesses anticipate tariff impact
By Pat Soldano | Family Business Magazine
As the “One Big Beautiful Bill Act” winds through Congress, family-owned businesses are watching closely. The bill includes proposed extensions to the 2017 Tax Cuts and Jobs Act, offering big potential wins for pass-through entities and estates, including:
- Raising the estate tax exemption to $15M (individual) / $30M (married)
- Increasing the pass-through deduction from 20% to 23%
- Restoring full R&D expensing for five years
- Raising the SALT cap to $40,000
But there’s more at stake. Some deductions may be stripped, foundations face new taxes, and Medicaid and SNAP programs could be cut. Capitol Hill experts Russ Sullivan and Michael Hawthorne offer insight into what’s politically possible, and what family businesses should prepare for.
Pat also reports on the latest Family Business Caucus meeting, where business leaders shared their charitable impact and made the case for stronger support of the family enterprise model.
Read the full article in Family Business Magazine. Make sure your family owned business stays informed – and your voice is heard in Washington.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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