News & Analysis as of

Federal Budget Budget Reconciliation Tax Cuts and Jobs Act

Moore & Van Allen PLLC

H.R.1 - One Big Beautiful Bill Act

In Brief - - The Senate passed H.R. 1, as amended, 51-50 on July 1, 2025 (legislative day began on June 30, 2025). Vice President JD Vance broke the tie by voting for the measure and presiding over the closing of the vote....more

Cadwalader, Wickersham & Taft LLP

The Senate Lowballs SALT Cap in Its Budget Bill

On June 16, 2025, the U.S. Senate released its version of the budget reconciliation bill (“Senate bill”), making several changes to the House-passed version from May 22, 2025 (“House bill”). One major difference is the cap on...more

A&O Shearman

Summary of key provisions in House reconciliation bill

A&O Shearman on

On May 22, 2025, the U.S. House of Representatives narrowly passed the House budget reconciliation bill (H.R. 1) (the “House Bill”) by a party-line vote of 215 – 214. The House Bill, which includes significant tax law...more

Cadwalader, Wickersham & Taft LLP

Open Sesame: Budget Resolution Clears the Way for Tax Cuts

On April 5th and April 10th, respectively, the Senate and House approved the FY25 budget resolution, thereby opening the budget reconciliation process and paving the way to enact President Trump’s various tax proposals,...more

McGuireWoods Consulting

Budget Reconciliation: Using the Current Law vs. Current Policy Baseline

As both chambers of Congress worked to pass their versions of the budget resolution, tax writers on the House Ways and Means Committee and Senate Finance Committee, along with their respective leadership, had to decide...more

Kohrman Jackson & Krantz LLP

Baseline vs. the Byrd Rule: What’s Next for the Gift and Estate Tax?

On April 10, 2025, the House of Representatives narrowly approved the Senate’s version of the FY 2025 budget resolution, which it passed on April 5, formally aligning both chambers on President Trump’s legislative tax agenda....more

Mayer Brown

A Primer on the Budget Reconciliation Process

Mayer Brown on

As we await the outcome of the upcoming US elections, we know that whoever controls the White House and Congress will confront one of the biggest tax debates in US history in 2025. It is possible that one party wins full...more

BakerHostetler

Biden Budget and Treasury Green Book Add Details to Expected Far-Reaching 2021 Tax Changes

BakerHostetler on

The White House and Treasury today released the Fiscal Year 2022 Federal Budget and the Treasury Green Book, which include new details regarding the Biden administration’s American Families Plan and proposed 2021 tax changes...more

Holland & Knight LLP

Biden Administration's Made in America Tax Plan: Procedural Aspects

Holland & Knight LLP on

During the run-up to the November presidential election, then-candidate Joe Biden previewed his tax priorities to enact a more progressive tax code to roll back "giveaways" to wealthy individuals and corporations under the...more

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