On July 3, 2025, Congress passed H.R. 1, more commonly known as the One Big Beautiful Bill Act ("Act"). The Act was signed by President Trump on July 4, 2025. The Act was structured as a budget reconciliation package to avoid the filibuster requirements in the Senate and, as reported by many sources, the Act makes numerous tax and non-tax changes to federal law.
In this Article, we'll provide a brief review of some of the tax changes that we believe will impact the most taxpayers.