President Trump signed the tax cut and spending deal into law in a ceremony on July 4. (Credit: The White House)
After previously expressing their support for the advancement of President Donald Trump’s “One Big Beautiful Bill Act” in the U.S. House of Representatives, the Big “I” is now praising the Senate for passing the bill, as well. President Trump signed the tax cut and spending deal into law in a ceremony on July 4.
“The Big ‘I’ would like to thank the U.S. Congress and President Trump for their work to bring more certainty and growth to the economy by passing tax reform. Passage of this reconciliation bill delivers on the promise to protect and make permanent much of the 2017 Tax Cuts and Jobs Act that so many of our members have come to rely on,” Charles Symington, Big “I” president & CEO, said in a statement.
The package makes 199A deductions for pass-through entities permanent and keeps it at the current 20%. Big “I” reports that approximately 86% of independent insurance agents are structured as pass-through entities and file taxes at the individual rate, which the organization says makes this a major win for its members.
“In particular, we would like to thank the president and congressional leaders for making the 20% small business deduction for pass-through entities permanent,” Symington continued. “That certainty, along with the existing low corporate rate, will allow our members to continue investing in jobs across Main Street America, and better serve their customers and communities.”
Big “I” notes that the original draft of Trump’s “Big Beautiful Bill,” the Senate package included a provision that would have imposed a new tax on third-party litigation funding. However, that provision was removed by the Senate parliamentarian for failing to meet the Byrd Rule.
The Byrd Rule only exists in the U.S. Senate. It requires that reconciliation bills remain focused on fiscal issues only, with non-budgetary concerns relegated to points of order. Under the Byrd Rule, any Senator may raise a point of order against material they feel is extraneous to a reconciliation bill, with these extras prohibited from being incorporated into a bill through the adoption of amendments or motions.
In particular, the Big “I” commends Senate Majority Leader John Thune, R-S.D., and Senate Committee Chair Mike Crapo, R-Idaho, for their leadership in moving the bill forward.
In a release, Nathan Riedel, Big “I” senior vice president of federal government affairs, said, “While we are disappointed that the Senate’s tax package was unable to crack down on third party litigation funders, we are thankful for the work that has been done to bring tax certainty to Main Street America.”
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