The House passed President Trump’s “One, Big, Beautiful Bill” (i.e., the budget reconciliation bill) on May 22, 2025, after raising the SALT cap to $40,000 with a phase out beginning with annual income of $500,000 or more. The budget reconciliation bill now advances to the Senate, which will aim to pass and send to President Trump’s desk for enactment by July 4, 2025.

The charts, linked below, summarize and explain the impact of tax changes regarding:

• Individual Income Tax
• Business Taxation
• Compensation and Benefits
• Estate and Gift Tax
• Tax Exempt Organizations

The Takeaway

With the approval of the tax package by the House, the legislative process is moving swiftly. The budget reconciliation bill now advances to the Senate, which will likely make further changes to the tax provisions. The tax changes on the table are sweeping in nature, and it is never too early to prepare for these changes, which may come very soon. Andersen can help you analyze your tax positions and consider opportunities for reducing tax paid overall, given the anticipated changes and options for mitigating the risk of increased tax exposure as a result of major policy changes.