Small Business Administrator Kelly Loeffler predicted the effects of the One Big Beautiful Bill Act will be a renewed “economic energy” among small businesses.
Loeffler appeared on Fox News’s My View with Lara Trump one day after President Donald Trump signed his “big beautiful bill” into law. This law offered tax breaks to American companies and eliminated taxes on tips.
“This is the lifeblood for businesses to have that certainty of low taxes,” Loeffler said of the law Saturday.
“It will also create about a million main street jobs. Main streets like this,” she added, gesturing to Wilmington, North Carolina, “that will benefit from economic energy that will come behind it. It’s literally rocket fuel for the economy.”
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Tipped workers can expect to see the effects of the new law by the time they file their taxes in April 2026. The law sets a $25,000 limit for deductions on tipped income, but phases out for single filers and joint filers who earn more than $150,000 and $300,000 annually, respectively.
As a result of the law, companies can immediately deduct domestic research and development costs. It also permanently allows full expensing for new capital investment, such as factory machinery, and restores interest deductibility to help finance investments.