The data is in! See what family owned businesses and successful families are saying about today’s challenges and opportunities.
On May 22, just before 7 am ET, the House of Representatives passed Republicans’ multi-trillion-dollar reconciliation package, the One Big Beautiful Bill Act (H.R. 1), by a vote of 215-214-1, with Reps. Warren Davidson (R-OH) and Thomas Massie (R-KY) joining all Democrats in opposition to the bill and Rep. Andy Harris (R-MD) voting present.
The early morning floor vote followed a successful procedural vote at 2:40 am ET and several hours of overnight debate on the bill. During debate, House Republicans argued the legislation would spur economic and wage growth and boost take-home pay for workers, while Democrats criticized the bill as a tax cut for billionaires that would reduce healthcare and nutrition benefits for families.
What’s Next? The Senate is now expected to consider its own tax and spending proposals in the coming weeks. Ultimately, key differences remain between House and Senate Republicans on several provisions, including the length of business and individual tax cuts and proposed changes to Inflation Reduction Act (IRA) tax credits and the state and local tax (SALT) deduction cap.
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