FAQ: The One Big Beautiful Bill Act Tax Changes
Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
24 min readOur experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
24 min readThe European Commission proposed new budget options for 2028 to 2034. It is worth zooming in on one new proposal for revenues that would support EU-level spending. The “Corporate Resource for Europe,” or CORE, provides a good opportunity to think through how best to raise revenue for the EU budget.
5 min readThe tariffs amount to an average tax increase of nearly $1,300 per US household in 2025.
38 min readThe One Big Beautiful Bill is now law—but what does it actually do? In this episode, we break down the new tax law’s key provisions, including who benefits, who doesn’t, and what it means for the economy, tax certainty, and the federal deficit.
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 readWe 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 readPresident Trump signed the One Big Beautiful Bill Act into law on July 4, 2025.
16 min readTax Foundation Europe’s Sean Bray interviews Dr. Monika Köppl-Turyna, director of the EcoAustria Institute for Economic Research, about the future of the EU tax mix.
14 min readCongress 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.
In recent years, several countries have taken measures to reduce carbon emissions, including instituting environmental regulations, emissions trading systems (ETSs), and carbon taxes.
4 min readSummer 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).
28 min readThe House-passed reconciliation bill leaves out Trump’s promise to eliminate taxes on Social Security benefits, opting instead to expand the standard deduction for seniors.
The final House bill makes impressive cuts to the IRA green energy tax credits, but it does so in part by introducing more complexity.
5 min readThe ongoing economic uncertainty from Russia’s war in Ukraine, economic recovery, supply chain disruptions, and rising interest rates have highlighted the importance of business investment.
30 min readOur 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.
9 min readFrom 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?
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 readThe 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 readSean Bray interviewed Professor of Business Accounting and Taxation at the University of Kiel, Jost Heckemeyer, about the future of the EU tax mix. The interview shows that there is a trade-off between stability and flexibility in European tax policymaking. It also shows that there ought to be a balance between fairness and competitiveness when thinking about improving tax policy.
16 min readWe 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.