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.
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Alabama’s 2025 legislative session mostly demonstrates a commitment to pro-growth tax policies that enhance competitiveness and reduce compliance burdens.
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The One Big Beautiful Bill’s changes to the taxation of international income have surprising implications for state codes, yielding tax increases and a revised tax base that, through quirks of state incorporation, bears very little resemblance to the federal base and almost nothing of its purpose.
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Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 24 percent of combined state and local tax collections.
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The BEPS project’s 15 actions were decisive responses to real problems in cross-border taxation, offering real benefits but also real costs. A decade of implementation experience has revealed a critical side effect: sharply higher compliance costs for both tax administrations and the business community.
With major tax decisions looming in a year already being called the “Super Bowl of Tax,” Tax Prom 2025 is shaping up to be the must-attend event in tax policy this year—where public and private sector leaders will come together to network, strategize, and celebrate what’s next in tax.
Policymakers continue to debate international tax rules after the US gained agreement on a new approach at the G7 that could result in US anti-avoidance policies existing side-by-side with the global minimum tax.
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While well-designed excise taxes can make society better off, some of the health taxes proposed by the WHO use a pretty façade to cover for policies that fail to deliver their promised benefits.
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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.
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President Trump signed the One Big Beautiful Bill Act into law on July 4, 2025.
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