“Big, Beautiful Bill” passes in the House | Gateway

by Jenna Washatka

, Director

Published on May 22, 2025

The House narrowly passed the BBB — get a quick breakdown of what’s inside, what changed, and what’s next as it heads to the Senate.

Just before 7:00 a.m. on 5/22, House Republicans passed the “One Big, Beautiful Bill” (BBB) by a razor-thin 215-214 vote despite a stalemate among Republicans over several key issues.

This version of the 1,000+ page BBB includes 42 pages of amendments, most notably:

Accelerating the Medicaid work requirement timeline, and
Increasing the state and local tax (SALT) deduction from $10,000 to $40,000 for taxpayers earning less than $500,000 while also reducing the deduction rate for high income earners.

Several key provisions remain, including:

Making permanent several tax cuts including the 199A deduction (with an increase from 20% to 23%),
Removing the estate tax sunset and setting the transfer tax exemption permanently at $15 million/person (indexed for inflation),
Eliminating taxes on tips, and
Temporarily increasing the standard deduction and child tax credits.

What’s next?

BBB heads to the Senate. The bill only needs a simple majority to pass in the Senate, but it will be complicated due to fiscal requirements under the budget reconciliation process. Republicans hope to have a final bill on the president’s desk by July 4^th.

Penn Mutual’s Advanced Sales team is committed to providing the most up-to-date news on tax reform and how it impacts your business. We’re here for you at AdvancedSales@pennmutual.com and 800.818.8184 (option 8).

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