Late Sunday night, the House Budget Committee advanced the “One Big Beautiful Bill,” setting the stage for the Rules Committee to meet this week and paving the way for floor consideration by Thursday. NRF has expressed strong support for this legislation, sending a Key Vote letter. The bill makes the 2017 Trump tax cuts permanent, protecting taxpayers from a potential 22% tax hike. It also offers provisions, including eliminating taxes on tips, overtime pay and car loan interest. The legislation further expands the 199A small business deduction to 23%. Finally, it maintains the corporate rate at 21% and preserves the C-SALT (B-SALT) deduction.
