Thursday's vote was largely split along party lines, with Republicans Thomas Massey of Kentucky and Warren Davidson of Ohio being the only ones in their party to vote against the bill. (Credit: Diego M. Radzinschi/ALM)
The Independent Insurance Agents and Brokers of America (the Big “I”) released a statement on Thursday praising the U.S. House of Representatives for their passage of the Trump Administration’s tax package.
The package, coined the “One Big Beautiful Bill Act,” was passed early Thursday morning by a vote of 215-214. The vote was largely split along party lines, with Republicans Thomas Massey of Kentucky and Warren Davidson of Ohio being the only ones in their party to vote against the bill.
In their statement, the Big “I” praises the bill for making significant tax reforms and for taking a step toward making the 2017 Tax Cuts and Jobs Act — which is set to expire at the end of the year — permanent.
If passed, the Big “I” notes the bill would make permanent the 199A deduction for pass-through entities and bump it from 20% to 23%. They state that 86% of independent insurance agents are structured as pass-through entities and file taxes at the individual rate, which they say makes this a victory for the independent agent channel.
The release from the independent agent group also praises the bill for making individual tax rates permanent while modifying the inflation adjustment mechanism for various tax brackets. Meanwhile, it does not change the corporate rate, which was made permanent by the 2017 Tax Cuts and Jobs Act.
The bill will now move forward for consideration in the U.S. Senate.
“Today, the House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent,” Nathan Riedel, Big “I” senior vice president of federal government affairs, said in the release. “We urge the Senate to do its work to move this legislation forward.”
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