The One Big Beautiful Bill Act is moving through Congress, poised to reshape U.S. tax policy significantly. It seeks to extend essential benefits from the 2017 Tax Cuts and Jobs Act, increasing the Qualified Business Income deduction to 23% and reinstating immediate deductions for domestic R&D expenses. This legislation is intended to empower entrepreneurs by putting more cash in their hands and making U.S. businesses more competitive globally. By encouraging investment in equipment and staffing, it aims to bolster economic growth.
The new House bill extends and enhances several benefits from the TCJA, notably increasing the Qualified Business Income deduction from 20% to 23%, providing a substantial boost for entrepreneurs.
With the One Big Beautiful Bill Act, the government is incentivizing business investments by restoring immediate deduction for domestic R&D expenses, helping U.S. businesses remain competitive globally.
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