Recent tax reform news is centered on the One Big Beautiful Bill Act and how it changes individual and business taxes. Current summaries note that it makes the lower individual tax rates, the higher standard deduction, and the 20% pass-through deduction permanent, while also adding temporary deductions for tips and overtime for 2025 through 2028.[4][5]
A few other developments are getting attention:
- IRS and tax-administration bills have advanced in Congress, including measures to improve taxpayer experience and strengthen the whistleblower program.[6]
- Policy groups and tax firms are highlighting that the new law also affects SALT deductions, energy credits, Medicaid, the debt ceiling, and student-loan rules.[5][9]
- Some tax-policy watchers say the overall direction of reform is more favorable to higher earners and businesses than to deficit reduction.[3][4]
What it means
For most taxpayers, the immediate impact is that several 2025-era changes are now locked in, and people with tips or overtime may see new deductions depending on income and filing status. For businesses, the biggest headline is the permanence of the pass-through deduction and related planning changes.[9][4][5]
Broader context
If you want the latest congressional angle, the most active part of tax reform right now appears to be tax administration rather than another sweeping rewrite of the code. Would you like a breakdown of how the new tax law affects individuals, small businesses, or high-income earners?[7][6]
Sources
Turn tax policy insights into action. With the passage of the One Big Beautiful Bill Act (OBBBA), organizations are entering a new era of tax policy.
www.pwc.comKPMG TaxNewsFlash reports of legislative updates in the United States
kpmg.comHouse Speaker Paul Ryan, R-Wisconsin discusses the objectives of the Republican tax plan. ... House Speaker Paul Ryan, R-Wisconsin, discusses the changes the Republican Party hopes to make with tax reform. Senate Minority Leader Chuck Schumer, D-New York, shares his analysis of the GOP tax plan with Face the Nation Moderator John Dickerson. On Wednesday, President Trump met with three House Republicans who kept their seats in districts that former Vice President Kamala Harris won. One of those...
www.cbsnews.comTax Reform
www.finance.senate.govLatest news, headlines, analysis, photos and videos on Tax Reform
www.politico.comOn July 4, 2025, the legislation known as the "One Big Beautiful Bill", also known as the Working Families Tax Cut, was signed into law. The new tax laws are as much about old tax laws as there are about new ones. The One Big Beautiful Bill makes permanent many of the temporary tax law changes that were first introduced as part of the Tax Cut and Jobs Act (TCJA) back in 2017. Below, we break down the 2025 tax changes and provide highlights of the impact on your tax return.
turbotax.intuit.comUpdates on current federal tax issues aimed at CPAs provided by Kaplan Financial Education.
www.currentfederaltaxdevelopments.comIn addition to distributional analyses of existing and proposed tax law, ITEP provides policy recommendations for lawmakers to build a more equitable tax code, from progressive revenue-raising options to corporate tax reform to establishing a model for a wealth tax.
itep.orgStay updated on tax reform before filing taxes this year with H&R Block. We’ll break down the Big Beautiful Bill, including key changes and when they go into effect.
www.hrblock.com