US Vietnam and Portland approve tax cuts for small businesses

Recent tax changes in the United States, Vietnam and Portland aim to reduce costs for small businesses. President Trump signed the One Big Beautiful Bill Act on July 4, permanently extending the 20% deduction for qualified business income and expanding access for some small-business owners. In Vietnam, a measure effective in late October provides a 30% cut in personal or corporate income taxes for eligible household businesses and organizations with annual revenue of no more than VND 10 billion for the 2026 and 2027 tax years; the policy is expected to benefit millions, with rules intended to prevent firms from splitting to qualify. Portland City Council also approved a $100,000 business-license-tax exemption threshold, aligning it with Multnomah County’s and reducing taxes and filing burdens for thousands of local small businesses beginning with 2026 tax filings.