Explore our latest tax policy research, analysis, and commentary of the One Big Beautiful Bill Act (OBBB).
Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
24 min read
How will recent federal tax changes affect you?
4 min read
We estimate the OBBBA will reduce federal taxes on average for individual taxpayers in every state. Across all individual tax filers throughout the US, the average tax cut per taxpayer will be over $3,700 in 2026.
4 min read
We estimate the One Big Beautiful Bill Act would increase long-run GDP by 1.2 percent and reduce federal tax revenue by $5 trillion over the next decade on a conventional basis.
11 min read
The One Big Beautiful Bill Act makes many of the individual tax cuts and reforms of the TCJA permanent. It improves upon the TCJA by making expensing for R&D and equipment permanent. However, for the most part, it does not include further structural reforms, and instead introduces many new, narrow tax breaks to the code, adding complexity and raising revenue costs.
7 min read
For Congress, work on the One Big Beautiful Bill Act is done. But in state capitols, the work has not yet begun. Many of the tax changes in the federal reconciliation act flow through to state tax codes—automatically in some states, and subject to an update in states’ Internal Revenue Code conformity date in others.
39 min read
The 2017 Tax Cuts and Jobs Act (TCJA) simultaneously increased tax progressivity and decreased redistribution in the tax code. Our estimates suggest the OBBBA similarly combines a more progressive tax system with a lower degree of tax redistribution.
4 min read
Expensing for manufacturing structures is a significant step forward for the tax treatment of structures, but it could be improved in several ways.
7 min read
We break down the House GOP’s One, Big, Beautiful Bill—a sweeping tax package designed to extend key parts of the 2017 Tax Cuts and Jobs Act before they expire in 2026.
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