Digging Into the Details of the Big Beautiful Bill

by Prof. Robert Bloink and Prof. William H. Byrnes

The House Ways and Means Committee has now released the long-awaited draft tax legislation meant to further the Trump administration’s agenda—addressing several key issues tied to the expiring 2017 tax reform provisions. While much is expected to change before the legislation reaches President Trump’s desk, the draft contains some key details and offers insight into the provisions that may eventually make it into the administration’s “Big Beautiful Bill”. Importantly, the draft legislation would make the current tax brackets permanent, along with the increased standard deduction—and would further increase the standard deduction and child tax credit for 2025-2028. The draft also contains some controversial provisions—and others designed to deliver on many of Trump’s campaign promises. SALT cap reforms, green energy tax credit repeals and new deductions for tips and overtime are all on the table as the formal markup process and negotiations begin.

SALT Cap Reforms