This bill significantly expands the qualified business income (QBI) deduction under Section 199A of the Internal Revenue Code. It makes the deduction permanent by striking its expiration date and increases the deduction rate to achieve a top rate of 43 percent, rising to 47 percent after 2025. Furthermore, it eliminates the limitation based on W-2 wages paid and repeals the exclusion of specified service trades or businesses from qualifying for the deduction, broadening its applicability. Beyond the QBI deduction, the legislation introduces other notable tax changes. It stipulates that a change in a corporation's organizational structure is not a taxable event if there is no change in owners, ownership interests, or organizational assets, effective for changes after December 31, 2024. Crucially, the bill also repeals the federal estate tax (Chapter 11 of the Internal Revenue Code) for estates of decedents dying after December 31, 2024, while explicitly retaining the basis step-up provision.