On July 3, 2025, the House of Representatives narrowly passed the Republicans’ sweeping reconciliation package, the One Big Beautiful Bill, by a 218-214 vote, which President Trump signed on July 4. The legislation marks the most extensive tax package since the 2017 Tax Cuts and Jobs Act (TCJA), making many of the TCJA’s temporary provisions permanent and introducing a new set of incentives and enforcement priorities.
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