The Coalition for Crowdfunding American Jobs and Prosperity (CCAJP) has issued a statement slamming the “Big Beautiful Bill,” the tax and budget legislation that was recently approved by the House of Representatives.
The CCAJP members include the Crowdfunding Professionals Association (CfPA) as well as industry platforms and other participants engaged in the online capital formation sector of Fintech.
The group describes the One Big Beautiful Bill Act (HR 1) as a “gift to large corporations and the ultra wealthy.”
Brian Christie, co-Chair of the CfPA and spokesperson for CCAJP, said the legislation is a “betrayal of Main Street.”
“It fails to account for the new realities small businesses face under rapidly changing tariff conditions. The bill does nothing to help small businesses adapt, pivot, or survive – and worse, it strengthens the hand of their biggest competitors: bloated corporations with lobbyists and the scale to absorb or shift the impacts of global supply chain shocks.”
CCAJP claims that large corporations will benefit from keeping the current corporate tax rates as well as corporate AMT loopholes. At the same time, wealthy individuals will enjoy expanded estate and wealth transfer exemptions that allow billions to pass untaxed from one generation to the next.
Recently, the CCAJP has proposed legislation that would create a tax exemption for investors participating in Reg CF securities offerings. Reg CF (Regulation Crowdfunding) is a new exemption created under the JOBS Act of 2012 that enables private firms to raise up to $5 million in an online securities offering.
The TRUMP Jobs Act (the Targeting Resources to Unleash Market Prosperity Jobs Act), as proposed by the group, is predicted to generate up to 1 million new jobs while boosting the economy by $120 billion annually. The CCAJP believes that Congress has missed a “golden opportunity” to assist smaller firms with the exemption. The coalition did not indicate if the legislation has a sponsor in Congress to champion the bill or include it as an amendment.
“It’s the exact kind of grassroots policy we need, and yet the House ignored it,” said Jenny Kassan, President of the CfPA.
The CCAJP references the numerous statements made by elected members of Congress that claim to support small businesses. The hope is that the TRUMP Jobs Act will be incorporated into the Beautiful Bill when it is debated in the Senate.
The CCJAP asks Congress to prove its support of smaller firms by amending the legislation.
“If Washington wants to talk about putting America first, they need to start by putting America’s small businesses first,” said Devin Thorpe, founder and CEO of The SuperCrowd. “Until then, this bill is nothing more than a big, beautiful sham perpetuated on the American people.”
The Big Beautiful Bill has detractors on both sides of the aisle. While all Democrats in the House voted against the legislation, some Republicans in the House and the Senate worry about missing cuts to government expenditures and the increase in the deficit. As the bill progresses through the Senate, some programs may be scaled back to mollify fiscal conservatives. At the same time, the White House has announced that it will send a rescission bill to Congress to implement some of the cuts recommended by DOGE.
While the CCAJP has criticized the Beautiful Bill, not all supporters of small businesses are in alignment.
Karen Kerrigan, President and CEO of the Small Business and Entrepreneurship Council (SBE Council), welcomed the legislation, describing it as a big, beautiful boost to U.S. entrepreneurship and small businesses.
“In addition to permanent tax relief and incentives that will help entrepreneurs and small business owners grow their firms, level up their businesses, and support their employees, various measures in the legislation correctly right-fit various federal programs and functions that have gone awry and consequently have undermined fiscal accountability and the private sector,” said Kerrigan.
SBE Council has outlined aspects of the legislation they say will support small businesses and reduce taxes for firms.
Republicans know that passage is key to mid-term success, and a failure in Congress will damage prospects in the next election cycle. This means passage is almost assured, given that the Senate will likely make some changes to the bill’s language.