The House Ways and Means Committee released its sweeping tax bill with tax provisions for small businesses and individuals. From QSBS Small Business 199A Deduction of 22% (made permanent) to individual reduced rates and increased standard deductions, there are plenty of breaks and benefits for every taxpayer.
📄 Download the Full Explanation from the Joint Committee on Taxation
👉 View the Full Explanation PDF
📘 Read the House Summary of the Tax Bill
👉 View the Summary (JCX-18-25)
Key Proposed Changes:
- Increased Qualified Business Income Deduction (above the current 20%).
- Expanded Child Tax Credit and higher individual tax credits.
- Permanent extension of several key tax cuts from the prior tax reform.
- Enhanced standard deduction and additional temporary increases.
