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The Latest Breaking News from Tax Cuts

Senate's Tax Bill Will Add $270 Billion to the Deficit Next Year, Despite Gimmicks

The House-passed version of the One Big Beautiful Bill Act was fiscally irresponsible. The Senate has made the bill worse.

Reason

What is in Trump's 'Big Beautiful' Bill and Did the Senate Pass it? Everything You Need to Know

Trump's massive bill, packed with tax cuts, border funds, and more, cleared a Senate vote. Will it reshape America or spark chaos?

International Business Times UK

Senate opens debate on Trump’s bill estimated to add $3.3tn to US debt

Democrats required clerks to read aloud the 940-page bill focused on tax cuts, immigration policy and healthcare

The Guardian - US

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Stock futures signal fresh highs as tax cuts advance in Senate while Trump balks at extending tariff deadline

Wall Street will begin a holiday-shortened trading week after the S&P 500 and Nasdaq notched new record highs on Friday.

Fortune

What's in the latest version of Trump's big bill now before the Senate

At some 940-pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations

The Independent UK

Ross Gerber Touts An Idea To Cut Deficit By Trillions Of Dollars: 'Let The Tax Cuts Expire And Full SALT Come Back'

As the One Big Beautiful Bill Act of 2025 proposes tax relief for individuals, it is also estimated to increase the federal deficit. However, this expert proposes an idea that could help cut trillions of dollars in deficit.

Benzinga

What is reconciliation − the legislative shortcut Republicans are using to push through their ‘big, beautiful bill’?

The word “reconciliation” sounds benign, even harmonious.

The Conversation

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10,000 people a year might die under Donald Trump’s rule but don’t worry the billionaires are doing fine

The American Dream, redefined.

We Got This Covered

Barbra Streisand rolls her eyes at how quickly Donald Trump forgets ‘America First’ when it doesn’t serve him

Barbra Streisand for president.

We Got This Covered

Would a corporate tax cut boost productivity in Australia? So far, the evidence is unclear

The first term of the Albanese government was defined by its fight against inflation, but the second looks like it will be defined by a need to kick start Australia’s sluggish productivity growth.

The Conversation

How high can US debt go before it triggers a financial crisis?

The tax cuts bill currently being debated by the US Senate will add another US$3 trillion (A$4.6 trillion) to US debt. President Donald Trump calls it the “big, beautiful bill”; his erstwhile policy adviser Elon Musk called it a “disgusting abomination”.

The Conversation

CBO: GOP budget bill would take from the poor, give to the rich - Roll Call

Analysis finds reconciliation bill would most benefit high earners and reduce financial resources available to the lowest-income households.

Roll Call

Extending the Trump Tax Cuts Is a Good Idea. But It Won't Deliver 'Big, Beautiful' Economic Growth.

The budget legislation is full of other expensive provisions that will add trillions to our sky-high national debt.

Reason

Texas Property Tax Relief: How the New Law Cuts School Taxes by 'Almost 50%'

Texas residents are getting major relief from property taxes. Here's a breakdown of the property tax cuts for 2025.

Kiplinger

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The Independent UK

Democrats have a dirty secret - they actually like some of the tax cuts in Trump’s ‘big beautiful bill’

The massive tax and spending package still isn’t expected to garner any support from Democrats despite containing some popular provisions

Roll Call

Explaining Trump’s claim of a ‘68 percent’ tax increase - Roll Call

One think tank estimates that, on average, Americans’ taxes would rise about 7.5 percent if the 2017 tax cuts are allowed to fully expire.

The Guardian - UK

Liz Truss hits back at Tory shadow chancellor for mini-budget disavowal

Former PM accuses Mel Stride of being ‘creature of system’ after his formal repudiation of 2022 unfunded tax cuts

Reason

The 'Big Beautiful Bill' Will Add $2.4 Trillion to the Deficit

That total will rise to about $3 trillion once the interest costs of more borrowing are included.

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news in one place.

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The Independent UK

Germany's new government launches a program to encourage investment and boost the economy

Germany’s new government has launched a package of tax breaks and eventual tax cuts for companies

The Texas Tribune

Voters will have final say on billions of tax cuts for Texas homeowners, businesses

Texas is slated to spend $51 billion on property tax cuts over the next two years. Some worry that’s unsustainable.

Kiplinger

Five ‘Big Beautiful Bill’ Tax Changes to Watch in the Senate

The House passed its version of Trump’s "One Big, Beautiful Bill." Here’s what to look for as Senate Republicans take up the mega legislation.

International Business Times UK

Trump's Tax Plan in Turmoil: GOP Hawks Demand Spending Cuts Now

Republican Senator Ron Johnson takes a stand against Trump's mega-bill, warning it could add trillions to the US debt. Will fiscal hawks force a rethink, or will Trump's tax cuts prevail?

The Independent UK

Video shows pastors arrested in Capitol Rotunda prayer-against-Trump encore

The Independent was there as several religious activists were hauled away Monday for demonstrating against potential GOP cuts to Medicaid in President Trump’s ‘One Big, Beautiful Bill’

Roll Call

Checking the math on White House, GOP claims about ‘Big Beautiful Bill’ - Roll Call

Republicans say the 'big beautiful bill' will reduce the deficit, but economists say making the tax cuts permanent will do the opposite.

International Business Times UK

Trump's Tax Reversal: Wealthy Face 39.6% Rate in Dramatic Policy Shift

Donald Trump proposes raising the top tax rate to 39.6% for Americans earning over $2.5 million, aiming to fund middle-class tax relief and reshape GOP tax policy.

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