21 Hats Podcast Dashboard: A Big Beautiful Win for Small Businesses?
Jul 7, 2025
Gene Marks, a CPA and small business advocate, dives into the recent tax changes from Trump's legislative proposal, pointing out the newfound tax certainty for business owners. He details the small business deduction and estate tax exemptions while encouraging owners to take responsibility for managing tariff complaints. Marks emphasizes understanding the nuances in economic policies that affect healthcare and inflation. The conversation balances optimism with the realities of navigating current financial uncertainties.
AI Snips
Chapters
Transcript
Episode notes
Permanent Tax Benefits For Businesses
- The new bill makes major tax benefits permanent for business owners, including a 20% pass-through deduction.
- This permanence allows businesses to plan long term with more certainty and confidence.
Indirect Tax Benefits Explained
- The bill includes indirect tax benefits by exempting the first $25k of tipped income and overtime wages from tax.
- These provisions create financial incentives for both workers and employers.
Deficit Risks and Inflation Concerns
- While the tax cuts provide immediate relief, increased deficits could worsen inflation and interest rates.
- This may make future borrowing costlier and challenge the business environment.