Category Taxes & Tools

Congressional Showdown: “One Big Beautiful Bill” Targets Tax Relief and Reform

The "One Big Beautiful Bill Act" is a major tax proposal making waves in Congress, intending to permanently extend key elements of the 2017 Tax Cuts and Jobs Act (TCJA). With the TCJA's policies soon set to expire, this new bill aims to continue current individual tax brackets and rates, temporarily boost the child tax credit, and increase the limit on state and local tax (SALT) deductions. Additionally, it would keep the increased standard deduction, permanently eliminate personal exemptions, and raise exemptions for estate and gift taxes. Supporters argue this legislation could ease financial pressures due to rising inflation and provide stability for taxpayers, while opponents worry it could further increase the federal deficit and deepen political divides over government spending and taxation.

Senate Shakes Up Taxes With Bold “One Big, Beautiful Bill”

On June 16, 2025, the Senate Finance Committee proposed major changes to U.S. tax policy as part of the new "One Big, Beautiful Bill," reflecting concerns over a shaky economy and uncertain financial outlook. Key changes include extending the controversial "revenge tax" for one additional year, keeping the limits on state and local tax (SALT) deductions unchanged, and permanently allowing certain tax deductions for U.S. businesses. Additionally, lawmakers introduced significant updates to how multinational corporations based in the U.S. and abroad are taxed. These proposals aim to balance competing demands and political pressures as lawmakers navigate the nation's financial challenges.

“One Big, Beautiful Bill”: Senate Unveils Major Tax Overhaul Amid Economic Uncertainty

The Senate Finance Committee recently announced major new tax legislation aimed at addressing economic uncertainty in the United States. Nicknamed the "One Big, Beautiful Bill," this proposal makes several notable changes, including extending Section 899 "revenge tax" rules by one year and deciding against raising the cap on deductions for state and local taxes (often called SALT deductions). Additionally, it permanently continues certain tax deductions that support U.S.-based corporations. Another significant part of the proposed law involves updates to how multinational corporations—which operate in multiple countries—are taxed. These changes reflect ongoing challenges such as rising inflation and international tensions that have led lawmakers to carefully balance raising government funds with efforts to support business growth.

Tax Bill Sparks Debate: Relief for Families or Boost for the Wealthy?

The Senate's latest tax bill has sparked controversy as Americans grapple with the current uncertain economy. Lawmakers propose making permanent the 2017 tax rate cuts, boosting the estate tax exemption, and raising the child tax credit from $2,000 to $2,200 per child. Critics argue that while these tax cuts help many families, the wealthiest citizens and large corporations would gain the largest benefits. Opponents worry this could widen the gap between rich and poor and add financial strain as the nation deals with inflation and possible economic slowdowns. Supporters, however, say the bill's tax relief will stimulate economic growth and support families during difficult times.

House Passes Trump’s “Big, Beautiful Bill,” Promising Tax Cuts and Economic Boost

The House of Representatives recently passed President Trump's proposed tax legislation, the "Big, Beautiful Bill," promising significant changes for households and businesses. This new tax plan aims to continue many tax cuts from the earlier 2017 Tax Cuts and Jobs Act, which were set to expire in 2025. The bill includes several key changes, such as ending taxes on overtime pay and tips, offering a temporary deduction for car loan interest and charitable donations even for those who don't itemize deductions, and expanding a business income deduction to 23%. It also plans to remove the electric vehicle tax credit after 2025, except for smaller vehicle manufacturers. These policies could significantly impact individual budgets, business decisions, and the nation's economy, especially during times of higher inflation and ongoing uncertainty.

Closing the Loophole: U.S. Steps Up Fight Against Offshore Profit Shifting

The recently passed One Big Beautiful Bill Act (OBBBA) significantly expands the Base Erosion and Anti-Abuse Tax (BEAT), a tax aimed at preventing large companies from shifting profits overseas to avoid higher taxes in the U.S. Currently, this tax applies to corporations with an average gross income of at least $500 million and is set to increase from 10% to 12.5% in 2026. Under the new bill, more companies would become subject to BEAT, making it more difficult for firms to lower their taxes by transferring money to affiliates in countries with lower tax rates. Supporters argue this will encourage companies to keep profits in the United States, potentially boosting domestic investment, while critics believe it could discourage foreign investment in the U.S. and lead to higher costs for consumers.

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