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 read
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Oklahoma Continues to Pursue Pro-Growth Tax Reforms, but the Job Is Not Done
Oklahoma can continue to enhance its competitiveness by pursuing a variety of reforms to the corporate and individual income tax, but it should avoid policies that would negatively impact the economy, like enacting a wholesale elimination of the property tax.
6 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.
5 min read
Trump Tariffs Threaten to Offset Much of the “Big Beautiful Bill” Tax Cuts
Our analysis finds that the Trump tariffs threaten to offset much of the economic benefits of the new tax cuts, while falling short of paying for them.
3 min read
The One Big Beautiful Bill Is Law—Now What?
The 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 Good, the Bad, and the Ugly in the One Big Beautiful Bill Act
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 read
Alabama’s 2025 Legislative Session Advances Pro-Growth Tax Reforms
Alabama’s 2025 legislative session mostly demonstrates a commitment to pro-growth tax policies that enhance competitiveness and reduce compliance burdens.
4 min read
“One Big Beautiful Bill Act” Tax Policies: Details and Analysis
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.
11 min read
Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
President Trump signed the One Big Beautiful Bill Act into law on July 4, 2025.
16 min read
Big, Beautiful Bill Will Raise Both Growth and Deficits
We are living in an age of hyperbole, or as writer Matthew Hennessey calls it, the “Age of Excusability,” in which our politicians succeed by making outlandish claims. So it goes with the One Big Beautiful Bill, which will usher in a new golden age or send us down the tubes for good, depending on your sources.
Wisconsin’s Proposed Retirement Income Exclusion Would Shift Tax Burdens to Working Families over Time
With reports that Republican legislative leaders and Wisconsin Gov. Evers (D) have reached a budget deal for FY 2026 and 2027, it is worth examining two significant tax relief proposals included in the plan.
7 min read
Fiscal Forum: Future of the EU Tax Mix with Dr. Monika Köppl-Turyna
Tax 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 read
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.
State Tax Changes Taking Effect July 1, 2025
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).
28 min read
Progressive Income Tax on the Ballot in Michigan?
If Michiganders are interested in increasing the state’s spending on education or other priorities—and believe that current revenues are insufficient to support such an increase—there are several ways to do so without significantly affecting residents’ incentives to live and work in Michigan.
4 min read
New Jersey Taxpayers Deserve Tax Relief
New Jersey’s residents deserve tax relief, and the state must stem the tide of out-migration. Affordable reforms in the near term could pave the way for more sweeping, and competitive, reforms to take root in the future.
Breaking Down the Senior Deduction in the One, Big, Beautiful Bill
The 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.
Rhode Island Should Not Imitate Massachusetts’ Tax Mistakes
Rhode Island lawmakers are debating raising the state’s top income tax rate. Though billed as a tax hike on high earners, the consequences would manifest across the state’s entire economy—creating a risk that Rhode Island will tax its way into uncompetitiveness.
How Does the House-Passed Tax Bill Change the Section 199A Pass-Through Deduction?
Rather than permanently expanding a complicated, nonneutral tax break, Congress should prioritize permanence for the most neutral and pro-growth policies like bonus depreciation and R&D expensing.
6 min read
“One Big Beautiful Bill Act” House GOP Tax Plan: 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.
9 min read