KPMG Reports: Tax Subtitle for One Big Beautiful Bill

Summary

The U.S. House of Representatives on May 22, 2025, passed H.R. 1, the budget reconciliation bill known as the ''One Big Beautiful Bill.'' The Joint Committee on Taxation (JCT) provided estimated revenue effects of the provisions of H.R. 1 in JCX-26-25R. The Senate Finance Committee on June 16, 2025, then released its version of the tax subtitle for potential inclusion in the bill. The announced goal is for the Senate to pass a budget bill before adjourning for its Independence Day recess on June 27, 2025. There may well be further changes to the Finance tax subtitle before—and even during—a Senate vote. There is currently no estimate available of the cost (or amount raised) by the Senate bill provisions.