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.
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The Trump tariffs amount to an average tax increase of nearly $1,300 per US household in 2025 and over $1,600 per US household in 2026.
39 min read
Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
24 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.
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President Trump signed the One Big Beautiful Bill Act into law on July 4, 2025.
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Summer has arrived, and states are beginning to implement policy changes that were enacted during this year’s legislative session (or that have delayed effective dates or are being phased in over time).
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Our preliminary analysis finds the tax provisions increase long-run GDP by 0.8 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis before added interest costs.
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As lawmakers consider options for budgetary offsets, they should prioritize competitiveness and economic growth, as a heavier corporate tax burden will undermine the core purpose and achievement of the TCJA.
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The Polish government is considering converting its traditional corporate income tax into a tax on distributed profits. We estimate that this reform would result in greater investment, a larger productive capital stock, and higher economic output in the long run.
29 min read
On average, businesses in the OECD are liable for collecting, paying, and remitting more than 85 percent of the total tax collection.
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