Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
Our experts are providing the latest details and analysis of proposed federal tax policy changes.
14 min read
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“Big Beautiful Bill” Senate GOP Tax Plan: Preliminary Details and Analysis
Our preliminary analysis of the Senate Finance tax plan finds the major tax provisions would increase long-run GDP by 1.1 percent and reduce federal tax revenue by $4.7 trillion over the next decade.
11 min read
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.
3 min read
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
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.
‘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
How the IRA Provisions (and Scores) Have Changed
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 read
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.
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
“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.
9 min read
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.
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?
Are Trump’s Tariffs Legal? Here’s What the Courts Say
It’s been a whirlwind 24 hours in tariff news: first, a trade court blocked Trump’s sweeping new tariffs, calling them executive overreach. Then, a federal appeals court reinstated them—at least for now. We break down what happened, what’s next, and why it matters.
Florida’s Property Tax Reform Push: Weighing the Options Amidst a Lack of Consensus on the State Budget
Florida’s latest property tax debate highlights the familiar challenge of prioritizing pro-growth tax policy while tackling rising property tax burdens.
6 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
Where the Republican Tax Bill Falls Short
The House of Representatives just passed President Trump’s “One Big Beautiful Bill,” marking a critical step in the Republican tax agenda. At first glance, the bill might appear to complete the legacy of the 2017 Tax Cuts and Jobs Act (TCJA). But it falls short of emulating the TCJA’s core strengths in two key respects: it doesn’t prioritize economic growth, and it doesn’t simplify the tax code.
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
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.