Tax Notes Talk One Big Beautiful Bill: Breaking Down the House Tax Package
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May 30, 2025 Cady Stanton and Katie Lobosco, Capitol Hill reporters for Tax Notes, dive into the final version of the House’s reconciliation bill. They break down the key updates and last-minute tweaks in the tax package, highlighting political dynamics as it shifts to the Senate. The discussion touches on the potential fiscal impacts, with projections of nearly $3 trillion in deficits over the next decade. They also explore the timeline for Senate actions and the broader implications of these legislative maneuvers on tax policy.
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Chaotic House Vote Anecdote
- The House vote on the reconciliation bill was chaotic with last-minute negotiations till early morning.
- Some lawmakers missed or abstained from voting due to fatigue from overnight sessions.
Tax Cuts and Business Reform Insight
- The bill extends many Tax Cuts and Jobs Act provisions permanently, but others only temporarily.
- Business tax reforms and international tax provisions are included with key adjustments.
SALT Cap and Energy Credit Changes
- The SALT cap is raised significantly to $40,000 with a phase-out starting at $500,000 income.
- Clean energy credits face phase-outs and restrictions, with carve-outs for nuclear energy.