The US Treasury Department is quickly moving to draft regulations in line with the changes made in the One Big Beautiful Bill Act (OBBBA). The administration has rightly shifted its focus from pursuing legislative changes to implementing new permanent rules.
But in this shift, it’s crucial that the White House doesn’t lose focus on the larger task at hand. The OBBBA made our taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. code at home more stable, and Treasury’s forthcoming regulations must reinforce—rather than undermine—this stability as tax uncertainty abroad remains.
Stability is a foreign concept to many who have watched international tax debates in recent years. In the current rush of US regulatory guidance, one could be forgiven for overlooking how much the ground has shifted in the last decade. US law, for the first time in many years, is settled. At least for as long as Congress chooses to leave current provisions alone.
This is a preview of our full op-ed originally published in Bloomberg Tax.
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