Taxes

The Senate has passed its version of the Fiscal Year (FY) 2025 reconciliation bill – the One Big Beautiful Bill Act (OBBBA). The table below is a...

Although initially excluding any increase in the state and local tax (SALT) deduction cap from its bill, the latest Senate bill proposes even more...

The Social Security and Medicare Trustees estimated in their 2025 annual reports on the programs that the retirement and hospital trust funds will...

As it currently stands, the Senate reconciliation bill is likely to add $3.5 to $4.2 trillion to the debt through Fiscal Year (FY) 2034, based on our...

Note: the Joint Committee on Taxation (JCT) has put together a current law score of the Senate Finance Committee tax proposals, which roughly match...

The House-passed One Big Beautiful Bill Act (OBBBA) would add about $3 trillion to the debt, including interest, on a conventional basis. However...

Note: (06/23/2025) Some categorizations and numbers in the Ways and Means' section of the table below have been updated to more accurately reflect the...

The House of Representatives may vote on the reconciliation package, or the “One, Big, Beautiful Bill Act” (OBBBA), this week. House leadership...

The House Ways & Means Committee is set to mark up its title of the Fiscal Year (FY) 2025 reconciliation bill on Tuesday. The Joint Committee on...

Update (5/10/2025): This piece was published prior to the Joint Committee on Taxation's revenue estimate , which totals $4.9 trillion for the bill as...

Update: The offset options below were estimated prior to enactment of the One Big Beautiful Bill Act (OBBBA) and have not been updated. OBBBA phased...

Key Resources to Get You Started or Refresh Your Understanding of Fiscal Topics The Budget 101 resources page offers a collection of materials...