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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 office stays informed – and your voice is heard in Washington.
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Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.
Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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