June 30, 2025 – NAW urges the House and Senate to pass H.R 1, the One Big Beautiful Bill Act. This pro-worker, pro-small business legislation extends and builds on the 2017 Tax Cuts and Jobs Act and will deliver broad-based tax relief to America’s families and businesses.
S-corporations and other passthrough businesses make up 95% of all businesses including the majority of wholesale-distribution companies, forming the backbone of the U.S. economy and employing the majority of all private sector workers.
The OBBB contains key provisions for these Main Street businesses such as making the 199A small business deduction permanent, permanently raising the death tax exemption of $30 million, and permanently reinstating 100% bonus depreciation and R&D expensing. We are also encouraged that the Senate’s substitute amendment restored the ability of S-corporations and partnerships to deduct state and local income taxes, giving these businesses parity with publicly traded C-corporations.
The legislation also contains key provisions for the six million workers employed by wholesaler-distributors including making permanent lower tax brackets, the doubled standard deduction, and the doubled child tax credit enacted during the 2017 tax cuts. The legislation also provides new tax cuts such as further increasing the child tax credit and enacting no tax on overtime pay.
According to a report by the Council of Economic Advisers, over the next four years the bill will increase long-run GDP by as much as 4.9% and raise annual real wages by as much as $7,200 per worker, or $10,900 for a typical family with two children.
Failing to act will not only deprive the U.S. economy of much needed growth but will also saddle American workers and businesses with the largest tax hike in history.
We applaud the work of President Trump and leaders in the House and Senate on their work crafting this important bill and urge Congress to pass the One Big Beautiful Bill Act into law.
About NAW
The National Association of Wholesaler-Distributors (NAW) is one of America’s leading trade associations, representing the $8.2 trillion wholesale distribution industry. Our industry employs more than 6 million workers throughout the United States, accounting for 1/3 of the U.S. GDP. 35,000 wholesale distribution companies operate in 150,000 places of business across North America, including all 50 states.
Media Contact: Meghan Cieslak, [email protected]
