‘One Big Beautiful Bill’ Makes Tax Cuts Permanent, Spurs Small Business Growth

In a rare moment of sweeping legislative consensus, Congress passed what supporters are calling a game-changing economic package that makes the 2017 Tax Cuts and Jobs Act (TCJA) permanent. The legislation, nicknamed the “One Big Beautiful Bill,” was signed into law on July 4 by President Donald Trump, solidifying a wide range of tax breaks for individuals and small businesses. 

For many Americans, this means relief from what would have been the largest tax hike in U.S. history had the TCJA expired. For others, especially entrepreneurs and small business owners, it brings much-needed certainty and a pathway to growth. 

Jim Rhodes Baldwin, a North Carolina small business owner and flight instructor, knows the impact firsthand. Looking at what to do in retirement, Baldwin opened a flight training school. The TCJA’s provisions, particularly accelerated depreciation, allowed him to buy his first training aircraft and jump-start the business. Today, that one-plane operation has grown into a nine-aircraft fleet, with four full-time employees, a flight simulator, and expansion plans to other airports. 

“Without the tax cuts, we would have been stymied,” Baldwin said. “Instead of income taxes, that money is now going into creating jobs. It’s a direct correlation.” 

Freshman Congressman Pat Harrigan, who represents North Carolina’s 10th District, helped push the bill through and says it’s just the kind of change Americans have been demanding. “The American people’s tolerance for no change is zero right now,” he said. “We have to start solving problems, and this bill gets us back on the right track.” 

Harrigan noted that the bill’s permanence offers small businesses the predictability they need to make long-term investments. “The feedback from business owners has been overwhelming. They now have certainty and a low-tax, high-growth environment.” 

Beyond individual and small business tax relief, the bill includes enhanced R&D expensing, 100% accelerated depreciation, and a continued lower corporate tax rate. Harrigan also highlighted military and border security investments and what he called “historic entitlement reform.” 

“Everyone wins here,” he said. “The American middle class, especially in manufacturing, knows they’re being prioritized again.” 

For Baldwin, the results are already visible, and airborne. “We’ve created jobs, grown our fleet, and are now looking to expand,” he said. “The future looks very bright.” 

With the law now permanent, advocates say the real test will be in how businesses and families take advantage of this economic runway and whether it truly leads to the next great American boom.