Big ‘I’ Secures Important Wins With Republicans Poised to Pass Trump Tax Package 

• By: Nathan Riedel
• July 3, 2025

Earlier in the week, the U.S. Senate passed an amended version of the “One Big Beautiful Bill,” with Vice President J.D. Vance breaking a 50-50 tie to advance the measure. Using the reconciliation process, the Senate was able to bypass the typical 60-vote threshold and pass the bill with a simple majority. The legislation has been sent back to the House for final passage.

As of press time, the U.S. House of Representatives was still debating the bill, but Republican leadership has announced that it has the necessary votes to pass the landmark legislation. If passed, the bill will head to the White House, where President Donald Trump is expected to sign it on the Fourth of July.

Update: The House passed the bill with a vote of 218-214.

The bill, which includes significant tax reform, will give President Trump an historic legislative achievement just six months into his second term. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) were set to expire at the end of 2025 and the passage of this bill will make many of those provisions permanent.

Among them is permanency of the 20% deduction—section 199A—for pass-through entities, which is a huge win for many independent insurance agencies. According to the most recent Agency Universe Study, 86% of independent agencies are structured as pass-throughs and file taxes at the individual rate.

Additionally, the bill makes the current tax rates from the TCJA permanent, while modifying the inflation adjustment mechanism for the various brackets. The corporate rate, which was reduced to 21% and made permanent in TCJA, remains in place.

Passage of the One Big Beautiful Bill will conclude a multi-year advocacy campaign by the Big “I” to raise awareness over important tax policy, particularly the 199A deduction. Independent agents and the federal lobbying team have worked tirelessly to highlight the issue and advocate for its permanence since it was passed in 2017. That work resulted in nearly half of the House and one-third of the Senate sponsoring legislation to make it permanent this year.

The Big “I” commends Speaker of the House Mike Johnson (R-Louisiana) and Senate Majority Leader John Thune (R-South Dakota) for their leadership in passing this legislation. In addition to many others, House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Mike Crapo (R-Idaho) demonstrated a strong commitment to Main Street America in developing the permanent tax policy.

Nathan Riedel is Big “I” senior vice president of federal government affairs.