America’s Job Creators Back the One Big Beautiful Bill
6/10/2025
Action Summary
- Purpose: Extend and expand President Trump’s tax cuts through the One Big Beautiful Bill to support small businesses.
- Political and Business Support:
- Small business owners overwhelmingly support the bill by a four-to-one margin.
- 71% favor maintaining and expanding the small business tax deduction.
- Economic Impact:
- 70% of businesses intend to expand, boost wages or benefits, hire more employees, or increase charitable contributions if the tax cuts are extended.
- 64% would likely delay expansion or reduce operations if the tax cuts expire.
- Employment Incentives: 63% believe that eliminating tax on tips and on overtime will ease hiring challenges.
- Legislative and Fiscal Highlights:
- The bill includes provisions to update Section 199A for qualified business income deductions.
- It extends various corporate and individual tax cuts from President Trump’s first term, estimated to total around $4 trillion in tax reductions.
- Industry and Media Endorsements:
- Las Vegas Review-Journal emphasizes the importance of the qualified business income deduction for small business sustainability.
- Inc. highlights the bill as a significant tax win for small businesses.
- The National Federation of Independent Business (NFIB) praises it as one of the most pro-small business legislations, preventing a massive tax hike on over 33 million owners.
Risks & Considerations
- The extension of the Trump Tax Cuts through the One Big Beautiful Bill could lead to increased economic activity among small businesses, potentially impacting the local economy and job market in areas surrounding Vanderbilt University.
- While the bill is designed to support small businesses, there is a risk that the reduction in federal tax revenue could lead to cuts in federal funding for education and research, which may affect Vanderbilt’s reliance on federal grants.
- The focus on tax relief for small businesses may shift federal priorities away from educational funding, potentially impacting programs at Vanderbilt that depend on federal support.
- Vanderbilt University may need to consider how changes in the economic landscape, driven by this bill, could affect its partnerships with local businesses and its role in the community.
Impacted Programs
- Vanderbilt’s Owen Graduate School of Management may see increased demand for expertise in small business management and tax strategy, presenting opportunities for curriculum development and partnerships with local businesses.
- The Office of Community Engagement could play a role in supporting local small businesses in understanding and leveraging the benefits of the tax bill, fostering stronger community ties.
- Vanderbilt’s Financial Aid Office might need to adjust its strategies if changes in federal funding affect student aid programs.
- The Center for Entrepreneurship at Vanderbilt could benefit from increased interest in small business development, potentially leading to new initiatives and collaborations.
Financial Impact
- The potential reduction in federal tax revenue could lead to decreased funding for higher education, impacting Vanderbilt’s budget and financial planning.
- Vanderbilt University might experience changes in its funding opportunities, particularly if federal discretionary grants prioritize economic growth over educational initiatives.
- There may be increased opportunities for Vanderbilt to secure funding for research and development in economic policy and small business support, particularly through collaborations with local and federal agencies.
- The economic boost to small businesses could lead to increased philanthropic contributions to Vanderbilt, potentially enhancing its endowment and funding for various programs.
Relevance Score: 3 (The bill presents moderate risks involving potential changes in federal funding priorities and economic impacts on the university’s community and partnerships.)
Key Actions
- Vanderbilt’s Owen Graduate School of Management should analyze the potential impacts of the One Big Beautiful Bill on small businesses and incorporate these findings into its curriculum. This will prepare students to understand and navigate the changing tax landscape, enhancing their competitiveness in the job market.
- The Office of Federal Relations should engage with policymakers to understand the implications of the bill on university funding and operations. By staying informed, Vanderbilt can better advocate for policies that support its mission and financial stability.
- Vanderbilt’s Center for Entrepreneurship should explore partnerships with small businesses to provide consulting services that help them leverage the tax benefits of the bill. This could include workshops, seminars, and one-on-one consulting sessions.
- The Department of Economics should conduct research on the broader economic impacts of the bill, particularly how it affects small business growth and employment. Sharing these insights with the public and policymakers can enhance Vanderbilt’s role as a thought leader in economic policy.
- Vanderbilt’s Financial Aid Office should assess how changes in small business tax policies might affect the financial aid needs of students from families who own small businesses. This will ensure that financial aid strategies remain responsive to the changing economic environment.
Opportunities
- The bill presents an opportunity for Vanderbilt’s Law School to offer specialized courses on tax law and policy, focusing on the implications of the One Big Beautiful Bill. This could attract students interested in careers in tax law and policy.
- Vanderbilt can capitalize on the increased focus on small business support by developing new programs and partnerships with local small businesses. This could include joint research initiatives, student internships, and collaborative projects, enhancing Vanderbilt’s reputation and community engagement.
- The emphasis on tax relief for small businesses offers an opportunity for Vanderbilt’s Public Policy Studies to engage in policy analysis and advocacy. By providing evidence-based recommendations, the program can influence how these policies are implemented and their impact on economic growth.
- By engaging with the broader business community and policymakers, Vanderbilt can position itself as a leader in the national conversation on small business support and economic policy. Hosting conferences, workshops, and public forums on the implications of the bill can further establish Vanderbilt as a hub for innovative economic thought and practice.
Relevance Score: 3 (The bill presents some adjustments needed to processes or procedures at Vanderbilt, particularly in areas related to business and economic policy.)
Timeline for Implementation
N/A
No explicit directives or implementation deadlines are provided in the text; it primarily discusses opinions and potential impacts of the tax proposals rather than setting a specific timeline.
Relevance Score: 1
Impacted Government Organizations
- White House: As the initiator and promoter of the One Big Beautiful Bill, the White House plays a central role in shaping and communicating the administration’s tax policy direction.
- Department of the Treasury: Tasked with managing federal finances and overseeing tax policy, the Treasury would be responsible for implementing and monitoring the tax relief measures embedded in the bill.
- Internal Revenue Service (IRS): As the agency charged with administering and enforcing federal tax laws, the IRS would be directly involved in executing any changes related to tax deductions and credits arising from the bill.
Relevance Score: 2 (Three agencies are directly impacted by the proposed tax policy provisions.)
Responsible Officials
- N/A – The text is an opinion article and news summary regarding small business sentiment on tax legislation, with no specific directives mandating implementation by any officials.
Relevance Score: 1 (The article does not include directives affecting any specific level of government officials.)