Posted on Friday, October 17, 2025
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by The Association of Mature American Citizens
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Joined by Republican Conference Chair Rep. Lisa McClain, small business policy expert Palmer Schoening, and AMAC Action Senior Vice President Andy Mangione, the AMAC Foundation hosted a webinar this week on major tax changes for small businesses under President Donald Trump’s One Big Beautiful Bill (OBBB), which Congress passed earlier this year. McClain, Schoening, and Mangione offered the hundreds of small business owners in attendance key insights into how the new law delivers historic relief for small business owners and retirees alike – and how AMAC’s members played a vital role in getting it across the finish line.
Congresswoman McClain, who spent decades in the private sector before entering Congress, brought a unique mix of business savvy and legislative experience to the discussion. She called the OBBB a “historic piece of legislation,” explaining that its core mission is to empower working families and small businesses by limiting government and restoring fairness to the tax code.
“We believe in less government, and we believe in keeping more of your hard-earned dollars in your pocket,” McClain said, “Not giving those hard-earned tax dollars to the government, because I don’t know that anybody here is going to argue with me on that government runs so efficiently that they can spend your money better than you can spend it.”
McClain also highlighted the bill’s most meaningful reforms – making the Trump tax cuts permanent, eliminating taxes on tips and overtime, and largely ending federal taxation on Social Security benefits effective retroactively for this year. She pushed back hard on the familiar Democrat talking point that the bill was a “tax cut for the rich,” noting that if Republicans hadn’t acted, “every single tax bracket would’ve gone up to the tune of 20 percent.”
McClain also took aim at the waste and fraud that have plagued Medicaid, emphasizing that Republican reforms in the OBBB simply ensure that benefits go to those who qualify. “1.6 million people that we know of are fraudulently receiving Medicaid,” she said. “Yes. We don’t want those people on Medicaid anymore. And why? Because I would prefer Medicaid lasts longer for the people who need it most.”
McClain credited President Trump for playing a hands-on role in unifying the GOP conference and pushing the bill through. “He was very adamant that he wanted Americans to keep more of their hard-earned dollars and give less to the government,” she recalled. “He wanted to lower taxes, and he was adamant that we needed to do whatever we could – no tax on tips, no tax on overtime, and no tax on social security.”
Following McClain’s remarks, policy expert Palmer Schoening detailed the most consequential elements of the new law for small business owners and family farmers – groups that together represent more than 130,000 AMAC members. The bill, he explained, permanently locked in the 20 percent small business deduction for S-Corps, LLCs, and sole proprietors, preventing a potential 20 percent tax hike that would have hit nearly every small business in the country.
He also noted the bill’s sweeping death tax relief – a longtime AMAC priority – raising the estate tax exemption to $15 million per individual and $30 million per couple, indexed for inflation and made permanent. “If you look back to 2001, the exemption was only $675,000, and the rate was 55 percent,” he observed. “So, we have effectively eliminated the death tax for over 90 percent of businesses.”
Another provision restored full 100 percent expensing and bonus depreciation for equipment purchases, allowing small businesses to immediately write off machinery, vehicles, and other capital investments. That’s real cash-flow relief, Schoening said, urging attendees to review any 2025 equipment purchases with their accountants.
The bill also established a new “seniors deduction” to offset taxes on Social Security income, which can be easily claimed on the 1040-SR form without itemizing. “The IRS will calculate the benefit automatically,” Schoening said, billing it as a smart and compassionate way to deliver relief to seniors without complicating the tax code.”
While McClain and Schoening focused on policy, AMAC Action’s Andy Mangione showcased the grassroots muscle that helped make the OBBB a reality. Between May and July, AMAC Action deployed three nationwide campaigns – two targeting the House and one the Senate – mobilizing members to flood Congress with more than 40,000 messages urging passage.
“We were just one stakeholder in getting this bill passed, but we’re certain that no other grassroots advocacy organization produced this kind of activity,” Mangione said. That advocacy earned AMAC a direct invitation to the White House, where two AMAC members stood on the risers behind President Trump in the East Room as he urged final passage of the bill. “It was a once-in-a-lifetime event,” Mangione recalled.
The webinar was a reminder that the AMAC Foundation is more than just an educational platform – it’s a partner for members seeking clarity and confidence in a complex financial world. Attendees were encouraged to take advantage of the Foundation’s Social Security advisory services and charitable planning resources, both designed to help Americans over 50 maximize their retirement and tax strategies.
The captured the best of what AMAC represents: trusted information, actionable advice, and a powerful voice for Americans who believe in work, fairness, and freedom. As McClain put it, “Your voice does matter.”
Missed the live session? Don’t worry—you can catch the replay anytime [here]!
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