Great Lakes Wire

In the latest episode of the Small Business Briefing, Brian Calley and Sarah Miller provided important updates for businesses in Michigan. They discussed the new "One Big Beautiful Bill" tax legislation, which includes increased standard deductions, a higher state and local tax (SALT) deduction cap, expanded child tax credits, and new rules for overtime and tipped wage income.

The briefing also covered significant changes to business taxes. These include a permanent 20% Qualified Business Income (QBI) deduction, expanded eligibility for service professions, accelerated depreciation for capital investments, and more generous business interest and R&D deductions.

Calley and Miller addressed the ongoing opposition to a proposed Michigan graduated income tax. They shared recent successes in the ballot initiative process and analyzed how this could affect Michigan's competitiveness and population trends.

Additional topics included the outlook for Federal Reserve interest rate cuts, unresolved trade and tariff negotiations, and a decline in Canadian tourism to Michigan.

The episode concluded with news about Ferrero's acquisition of Kellogg, its implications for operations in Michigan, and an update on the 2026 election landscape.