How the US Senate modified the US House reconciliation bill

Important tax changes were made to the House bill, with the removal of the proposed retaliatory tax in section 899, in view of tentative agreement among other members of the G7 to unspecified trade concessions.

United States (US) Congress has passed, and the US President Donald Trump signed on 4 July the massive budget reconciliation bill known as the "One Big Beautiful Bill". The legislation, with a $3.4 trillion net 10-year deficit cost, included a $4.5 trillion tax title. KPMG detailed analysis of the tax title of the bill can be found on an external dedicated page, KPMG reports: Tax subtitle for "One Big Beautiful" bill. It was the US Senate';s bill, passed by a 51-50 vote with the Vice Presi...

Sign in below or register now to read the full article

Authors: John Gimigliano

Published Date: 08 July 2025