Tax Implications of the Reconciliation Bill on Small Businesses

Today, we take a deep dive into the provisions affecting small businesses and taxes in the “One Big Beautiful Bill,” which aims to enact President Donald Trump’s agenda. The bill passed the U.S. House of Representatives in May, and the U.S. Senate released its proposed version of the bill on Monday. The Senate’s draft upheld many policies from the House of Representative’s version, including cuts to the Supplemental Nutrition Assistance Program. We explain how the ripple effects of those cuts could affect small businesses such as grocery stores and farmers. Also, we dig into the implications of the Senate’s proposal to make permanent several business tax breaks.

Here’s everything we talked about today:

• “Here’s what’s in the Senate GOP’s version of Trump’s ‘big, beautiful bill’" from The Hill
• “Senate Republicans seek tougher Medicaid cuts and lower SALT deduction in Trump’s big bill” from The Associated Press
• “Tax Cuts and Jobs Act: A comparison for businesses” from the Internal Revenue Service
• “The Farm Safety Net: A Closer Look at ARC and PLC” from the National Sustainable Agriculture Coalition

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