Overview of Senate Tax Measures for Budget Reconciliation

Summary

This week, the Senate Finance Committee released proposed tax legislation intended for potential inclusion as the tax subtitle of budget reconciliation legislation, commonly known as the ''One Big Beautiful Bill'' (read TaxNewsFlash). The House passed its version of the legislation (H.R. 1) last month (read TaxNewsFlash). Finance also released a subtitle addressing health care, including Medicaid, and another raising the debt ceiling. Other Senate committees are preparing other elements of the bill. The announced goal is for the Senate to pass a budget bill before adjourning for its Independence Day recess on June 27.