Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
Our experts are providing the latest details and analysis of proposed federal tax policy changes.
11 min read
Featured Articles
“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis
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.
8 min read
The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill
Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions. Any comprehensive tax legislation is going to have its wrinkles, and the “One, Big, Beautiful Bill” is no different.
8 min read
House Tax Package Could Double Economic Growth Impact by Prioritizing Permanence for TCJA Business Provisions
As the current tax package stands, the House’s use of temporary policy is leaving most of the economic growth opportunities on the table.
2 min read
A More Generous SALT Deduction Cap in the Big, Beautiful Bill Would Cost Revenue and Primarily Benefit High Earners
Letting the SALT cap slip further upwards would undercut the TCJA’s long-term legacy, worsening the fiscal outlook of the tax package and providing an unneeded benefit to higher earners.
4 min read
House GOP’s Approach to the IRA Clean Energy Tax Credits: Five Things to Know
Tax simplification has two aspects. The first is a code without a mess of targeted provisions for various social policy goals. The second is a code with provisions that are simple and easy to comply with. The bill succeeds at the first, but fails at the second.
7 min read
What Are the Goals of Retaliatory Tax Policies?
The US Ways and Means Committee’s “Big Beautiful Bill” includes a retaliatory provision called Section 899, along with an expansion of the base erosion and anti-abuse tax (BEAT).
7 min read
The One Big Beautiful Bill, Explained
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.
House “One Big Beautiful Bill” Riddled with Temporary Tax Policy
As lawmakers continue to debate the “One Big Beautiful Bill,” they should abandon temporary and complex policy in favor of simplicity and stability.
4 min readAll Related Articles
How Would the Proposed $4,000 Senior Deduction Compare to No Tax on Social Security?
The House’s “Big Beautiful Bill” increased senior deduction would deliver a larger tax cut to lower-middle- and middle-income households compared to exempting all Social Security benefits from taxation, and would not weaken the trust funds. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bill without boosting long-run economic growth.
3 min read
House Tax and Spending Bill Continues Income Tax Carveout for Credit Unions
The House tax and spending bill leaves in place a long-standing provision that exempts credit unions from federal and state income tax, allowing them to compete unfairly with banks and, increasingly, to buy them.
6 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?
Making the Corporate Alternative Minimum Tax Less Silly
The House reconciliation bill includes numerous changes to the tax code: good, bad, and ugly. However, the new corporate alternative minimum tax, or CAMT, goes largely untouched.
4 min read
Fixing Highway Funding in the Reconciliation Package
The EV fee in the reconciliation package would help the fiscal situation but would overcorrect the hole in the gas tax base EVs create. There are intermediate options, such as VMT taxes for EVs and commercial traffic or pairing flat EV fees with gas and diesel tax increases, that would be incrementally better than the reconciliation package’s approach.
7 min read
Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
Our experts are providing the latest details and analysis of proposed federal tax policy changes.
11 min read
“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis
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.
8 min read
The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill
Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions. Any comprehensive tax legislation is going to have its wrinkles, and the “One, Big, Beautiful Bill” is no different.
8 min read
SALT Cap Workarounds for Some Pass-Through Entities Are Threatened by One, Big, Beautiful Bill
For owners of pass-through businesses, the reconciliation package (1) raises the state and local tax (SALT) deduction cap, (2) denies the benefit of pass-through entity-level taxes that had previously worked around the SALT cap for such pass-through businesses, and (3) increases the Section 199A deduction for qualifying pass-through entities.
4 min read
State Implications of the One, Big, Beautiful Bill
As the US House hashes out its “One, Big, Beautiful Bill,” statehouse lawmakers are watching closely, given the impact of both its tax and spending provisions on state budgets.
12 min read
What Are the Goals of Retaliatory Tax Policies?
The US Ways and Means Committee’s “Big Beautiful Bill” includes a retaliatory provision called Section 899, along with an expansion of the base erosion and anti-abuse tax (BEAT).
7 min read
A More Generous SALT Deduction Cap in the Big, Beautiful Bill Would Cost Revenue and Primarily Benefit High Earners
Letting the SALT cap slip further upwards would undercut the TCJA’s long-term legacy, worsening the fiscal outlook of the tax package and providing an unneeded benefit to higher earners.
4 min read
Current Trump Tariffs Threaten to Offset Benefits of Promised Tax Cuts
While Congress works on the “One, Big, Beautiful Bill” to cut taxes, President Trump has imposed significantly higher taxes by placing tariffs on more than 70 percent of US imports.
2 min read
The One Big Beautiful Bill, Explained
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.
Three Corporate Tax Hikes That Would Undermine TCJA’s Improvements to Competitiveness
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.
24 min read
House Tax Package Could Double Economic Growth Impact by Prioritizing Permanence for TCJA Business Provisions
As the current tax package stands, the House’s use of temporary policy is leaving most of the economic growth opportunities on the table.
2 min read
House “One Big Beautiful Bill” Riddled with Temporary Tax Policy
As lawmakers continue to debate the “One Big Beautiful Bill,” they should abandon temporary and complex policy in favor of simplicity and stability.
4 min read
House GOP’s Approach to the IRA Clean Energy Tax Credits: Five Things to Know
Tax simplification has two aspects. The first is a code without a mess of targeted provisions for various social policy goals. The second is a code with provisions that are simple and easy to comply with. The bill succeeds at the first, but fails at the second.
7 min read
Expiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US
At the end of 2025, the individual tax provisions in the Tax Cuts and Jobs Act (TCJA) expire all at once. Without congressional action, most taxpayers will see a notable tax increase relative to current policy in 2026.
4 min read
Tax Calculator: How the TCJA’s Expiration Will Affect You
Unless Congress acts, Americans are in for a tax hike in 2026.
3 min read