House Vote Tees up $4 Trillion Tax Bill for Senate Action

27 May 2025

In a major step forward in the reconciliation process, House Republicans passed a broad tax package that includes significant individual and business tax changes, including permanent extensions of key Tax Cuts and Jobs Act (TCJA) provisions, expanded deductions, and rollbacks of energy tax credits. The bill raises $1 trillion in revenue offsets while offering $7 trillion in tax cuts. With Senate debate ahead, the legislation’s future remains uncertain - particularly amid fiscal concerns, procedural hurdles, and a looming July 4 target for enactment.

 

Read the full summary here (PDF)

 

 

 

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