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Budget Reconciliation

Learn more about budget reconciliation and explore our research and analysis of the latest budget reconciliation tax proposals. Our experts explain what budget reconciliation is, how it works, and the role that politics will play in it for the 119th Congress as well as President Trump‘s policy agenda. You can also launch our Reconciliation Tracker

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qbai exemption, one big beautiful bill, fdii and gilti

A Partial Defense of the QBAI Exclusion

Lawmakers should consider maintaining QBAI and applying the several billion dollars from the Senate’s change toward other pro-growth international tax reforms instead.

6 min read
whats in the big beautiful bill tax plan

The One Big Beautiful Tax Bill: What’s In It, What’s Out

Congress is racing to pass the One Big Beautiful Tax Bill before the July 4 deadline. In this episode, Kyle Hulehan and Erica York break down what just happened over the weekend, what’s actually in the bill, and what comes next as the House and Senate try to reconcile their differences.

No Tax on Social Security vs. Proposed $4,000 Senior Bonus Senior Tax Deduction One Big Beautiful Bill Act OBBB

How Would the Proposed Additional Senior Deduction Compare to No Tax on Social Security?

The increased senior deduction with the phaseout would deliver a larger tax cut to lower-middle- and middle-income taxpayers compared to exempting all Social Security benefits from income taxation and would not weaken the trust funds as much. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bills without boosting long-run economic growth.

4 min read
Big Beautiful Bill Impact on Economy and Economic Growth

Will the Big Beautiful Bill Lead to an Economic Boom or Just Modestly Higher Growth?

Lawmakers are right to be concerned about deficits and economic growth. The best path to address those concerns is to ensure OBBB provides permanent full expensing of capital investment, avoids inefficient tax cuts, and offsets remaining revenue losses by closing tax loopholes and reducing spending.

8 min read

‘Trump Accounts’ Could Be Better. Here’s How.

If the federal government really wanted to make saving more accessible for taxpayers, it would swap the proposal for Trump Accounts to replace the complicated mess of savings accounts currently available with universal savings accounts.

4 min read
Trump tax policies, big beautiful bill, hurt low-tax states, state tax reform

Trump’s Policies Deal a Double Blow to Tax-Cutting States

President’s Trump’s policies would throw high-tax states a life raft as they swim against the tide—before potentially hitting all states with a tariff-induced economic tsunami that could force lawmakers’ hands and reverse recent tax relief.

Remittances Tax | One Big Beautiful Bill International Money Transfers and Financial Institutions Compliance Costs

The Remittances Tax: High Paperwork, Low Payoff

The House-passed “One Big Beautiful Bill” includes a new 3.5 percent tax on remittances, or non-commercial transfers of money that people in the US send to people abroad.

7 min read
Senators must hold down the SALT cap

Senators Must Hold Down the SALT Cap

As the Senate considers next steps for the House-passed “big, beautiful” tax bill, the battle lines have been drawn for a showdown over the state and local tax (SALT) deduction.

Congressional Budget Office CBO vs Joint Committee on Taxation JCT vs House Ways and Means Commmittee vs Senate Finance Committee

Congressional Tax Writers and Scorekeepers You Should Know

When you hear about tax policy, you may think of the IRS, the agency responsible for collecting federal taxes. But who is responsible for drafting, reviewing, assessing, and passing tax legislation at the federal level?

4 min read

One, Big, Beautiful Bill: The Good, the Bad, and the Ugly

From generous tax breaks to costly trade-offs, the House GOP’s One, Big, Beautiful Bill has a little of everything. It’s a sweeping attempt to extend key provisions of the 2017 Tax Cuts and Jobs Act before they expire in 2026—but what’s actually in it?