Today the Senate passed the One Big Beautiful Bill Act by the thinnest possible margin. After hours of backroom haggling, live amendment fights, and a dramatic tie-breaking vote from Vice President J.D. Vance, the bill finally cleared 51-50. The last holdouts folded under pressure as GOP leadership refused to let the biggest tax bill in decades die on the floor.
Meanwhile, in the House, chaos erupted. Minority Leader Hakeem Jeffries spoke for over seven hours, trying to stall the vote. The final Republicans needed to secure passage held out deep into the night—until just after 3AM, when leadership finally convinced them to move forward with the final procedural vote. That cleared the path for today’s final passage.
Now it’s headed to President Trump’s desk — and we know he’s signing it. The Big Beautiful Bill passed both chambers and is set to become law.
While the media talks about the drama, the real story is what this bill does for your business and your wallet. If you own a company, employ workers, or simply hate paying more taxes than necessary, this is a win you can feeToday
Tax Cuts Made Permanent
The 2017 Tax Cuts and Jobs Act (TCJA) was scheduled to expire in 2026. Without action, personal tax rates would have jumped, deductions would have shrunk, and business incentives would have disappeared.
Not anymore.
The Big Beautiful Bill makes Trump’s tax cuts permanent:
Individual tax brackets remain lower than pre-2017 levels. The top bracket stays at 37%, avoiding the return to the 39.6% Obama-era rate.
Standard deductions increase and are indexed for inflation: $31,500 for married couples, $15,750 for singles, and $23,625 for heads of household.
Alternative Minimum Tax (AMT) exemptions stay high, keeping more families and small business owners out of AMT traps.
For high earners and business owners, this locks in major long-term savings.
Big Win for Pass-Throughs and LLCs
One of the most business-friendly provisions in the original TCJA was the 20% pass-through deduction (Section 199A) for S-corps, partnerships, and LLCs. The Big Beautiful Bill not only keeps it alive, it expands it:
23% deduction for qualified business income
No expiration — it’s permanent now
This is especially huge for small businesses structured as pass-throughs. It means more profit retained every year, and lower effective tax rates.
Full Expensing for Investment — Extended Through 2029
The Big Beautiful Bill revives and extends 100% bonus depreciation through 2029. That means you can deduct the full cost of equipment, vehicles, and property in the year you purchase it, rather than depreciating it over years.
If you’re planning to grow, build out, or reinvest in your business, this matters. It radically improves cash flow and incentivizes expansion.
Also included:
Section 179 expensing expanded
R&D expenses fully deductible in the year incurred (undoing the 5-year amortization rule)
These changes turn capital investment and innovation into immediate tax advantages.
R&D Tax Credit Improvements
The R&D Tax Credit got a subtle but important boost:
Simplified calculation method
Expanded qualifying expenses
Improved coordination with bonus depreciation and Section 179
This makes it easier to claim and more valuable once you do. If you’re innovating, hiring technical staff, or developing new products/processes, your tax savings just grew.
Child Tax Credit and Trump Accounts
For families, the Child Tax Credit (CTC) remains at $2,000 per child and is now:
Indexed to inflation
Partially refundable, with improved phase-ins
Tied to work, ensuring it’s a tax credit, not a handout
Also added: Trump Accounts, a new type of Child Opportunity Savings Account.
Up to $1,000 initial government contribution for qualifying families
Tax-free growth and tax-free withdrawals for approved uses (education, business startup, first home, etc.)
It’s a pro-family, pro-future, work-connected savings tool — and it’s the first of its kind.
Overtime and Tip Income — Now Tax-Free (To a Point)
Two overlooked but very real wins for the working class:
Overtime income deduction: Up to $12,500 per filer ($25,000 joint) can now be deducted from gross income
Tip income exemption: Up to $25,000 in tips are exempt from federal income tax
Both are phased out for high-income earners, but for service workers, restaurant employees, and hourly tradespeople, this means thousands of dollars back in their pockets.
Estate and Gift Tax Relief
The estate tax exemption is now $15 million for individuals, $30 million for couples, with inflation indexing. That’s double what it was scheduled to revert to.
This protects generational wealth, family businesses, and farms from federal confiscation. And with proper planning, it eliminates estate tax exposure for the vast majority of high-net-worth Americans.
SALT Cap Relief
The State and Local Tax (SALT) deduction cap goes from $10,000 to $40,000, with a phase-out beginning at $500,000 of income.
This helps high-earners and business owners in blue states, many of whom were hit hard by the $10K cap.
What It All Means
The Big Beautiful Bill passed, and with it comes a fundamental shift in economic incentives:
Rewarding work
Encouraging investment
Supporting family formation
Protecting small business owners
At Quartermaster, this is the kind of tax code we can work with. We specialize in helping business owners and entrepreneurs take full advantage of every opportunity the law allows.
And with this new law, there are more tools than ever.
If you’re tired of overpaying, if you’re still writing six-figure checks to the IRS, or if you’ve been playing defense instead of planning ahead — let’s talk.
The Big Beautiful Bill passed — and this is your moment. Let us help you keep more of what you earn.