US Senate deliberates on tax bill, with significant changes expected

An overarching issue is the effect of the bill and proposed changes on future deficits and the national debt, which many believe is on an unsustainable trajectory, writes KPMG US’ John Gimigliano.

The United States (US) House-passed budget reconciliation bill—the One Big Beautiful Bill—now moves to the Senate, where significant changes are expected and the process is uncertain. Some Senate Republicans have expressed concern about spending cuts in the House bill, some of the tax changes, and the overall effect on deficits and the debt. There nevertheless, remains a stated goal of passing the legislation by Independence Day (4 July), with the added imperative on acting to i...

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Authors: John Gimigliano

Published Date: 05 June 2025