The Independent
nsurance Agents & Brokers of America (Big “I”) last Thursday celebra
ted the passage of the “One Big Beautiful Bill.”
“The Big ‘I’ would
like to thank the U.S.
Congress and President Trump for their work to bring more certainty an
d growth to the economy by passing tax reform,” said Charles Symington, Big “I” president & CEO, in a statement. “Passage of
this reconciliation bill delivers on the promise to protect and make perma
nent much of the 2017 Tax Cuts and Jobs Act that so many of our mem
bers have come to rely on.”
The tax cuts signed into law during President Trump’s first term were
set to expire at the end of this year. The TCJA included the Section 199A tax deduction on qualified business incom
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e for pass-through entiti
es (sole proprietorships, partnerships, limited liability companies,
and S-corporations). The Big “I” said 86% of independ
ent agencies are structured as pass-through entities.
Related: ‘Big Beautiful’ Tax Breaks for Insurance Agents in Bill Passed by House, Says Big I
“We would like to thank the president and congressional leaders
for making the 20% small business deductio
n for pass-through entities permanent,”: Symington c
ontinued. “That certainty, along with the existing low corpo
rate rate, will allow our members to continue investing in jobs across
Main Street America, and better serve their customers and communities.”