On May 18, 2025, the House Budget Committee gave its nod to a significant piece of legislation known as “The One, Big, Beautiful Bill.” This bill, poised for revision by the House Rules Committee, is gearing up for a vote on the House floor. It represents a sweeping continuation and expansion of the 2017 Tax Cuts and Jobs Act, introducing a myriad of new provisions aimed at reshaping the tax landscape for businesses, individuals, and tax-exempt organizations alike.


Business Provisions

The House Bill extends several key business provisions. Notably, the definition of “adjusted taxable income” under section 163(j) will be based on EBITDA from 2025 to 2028, a move that is favorable to taxpayers. The deduction for qualified business income under Section 199A is increased to 23%, and the global intangible low-taxed income (GILTI) provisions are made permanent at a 10.5% rate. Additionally, the base-erosion and anti-abuse tax (BEAT) is set to remain at 10.5% permanently.


Other notable business provisions include the reestablishment of Opportunity Zones for 2027 through 2033, with a focus on rural areas, and the limitation of amortization deductions for sports franchises to 50% of the adjusted tax basis.


Tax-Exempt Provisions

For tax-exempt organizations, the bill proposes an increased excise tax on private university endowments and private foundations. The current 1.4% excise tax on net investment income of private colleges is replaced with a tiered system, with rates reaching as high as 21% for institutions with significant endowments. Private foundations face a similar tiered excise tax system based on asset size.


Individual Provisions

Individuals will see the maximum ordinary income tax rate of 37% made permanent. The standard deduction is increased for various filing statuses from 2025 to 2028. The bill also proposes the permanent repeal of the personal exemption and adjustments to itemized deduction limits.


Additionally, the bill introduces the concept of “MAGA” accounts, tax-exempt trust accounts for U.S. citizens under 18, with a one-time $1,000 federal credit for eligible children born between 2025 and 2028.


For a detailed breakdown of these provisions, refer to the original article on Tax Talks. This comprehensive analysis explores the implications of the bill across various sectors, providing insights into its potential impact on the economic landscape.

More Articles

Getting licensed or staying ahead in your career can be a journey—but it doesn’t have to be overwhelming. Grab your favorite coffee or tea, take a moment to relax, and browse through our articles. Whether you’re just starting out or renewing your expertise, we’ve got tips, insights, and advice to keep you moving forward. Here’s to your success—one sip and one step at a time!

The Impact of AI and IoT on Real Estate and Smart Living

The convergence of Artificial Intelligence (AI) and the Internet of Things (IoT) is driving a digital transformation within the real estate market. These technologies are revolutionizing how properties are bought, sold, and managed, fostering increased efficiency and improved living standards.

By |February 24, 2025|Categories: Article, Real Estate, Technology|Tags: , |0 Comments

2025 Housing Market Outlook: Navigating Change and Uncertainty

As the United States stands on the cusp of 2025, the housing market is poised for significant transformation. The past year has been a whirlwind of elections, natural disasters, and policy shifts, setting the stage for a year of change and adaptation.

Will Home Prices Drop? Expert Predictions for the 2025 Housing Market

The housing market remains heavily influenced by economic factors such as inflation and Federal Reserve policies. The Federal Reserve's recent actions to control inflation have kept mortgage rates elevated, impacting affordability.

By |February 23, 2025|Categories: Article, Economic Influences, Housing Market|Tags: , |0 Comments

Suburban Living: The New Frontier in Home Buying Trends

In recent years, there has been a noticeable shift in home buying trends, with a significant number of buyers opting for suburban living over the traditional choice of city centres. This transition is largely driven by affordability, improved infrastructure, evolving lifestyle preferences, and the rise of remote work. Let’s delve into the primary factors influencing this trend.

By |February 23, 2025|Categories: Article, Lifestyle, Real Estate|Tags: , |0 Comments

Smart Money Podcast: A Guide to the 2025 Housing Market

As the housing market gears up for another challenging year, buyers and sellers face the daunting task of navigating high interest rates and tight inventory.

By |February 23, 2025|Categories: Article, Finance, Real Estate|Tags: , |0 Comments

Global Cryptocurrency Regulation: Navigating the Complex Landscape

In the ever-evolving landscape of cryptocurrency, regulation remains a pivotal issue both in the United States and globally. As governments strive to balance innovation with investor protection, the rules governing digital currencies like Bitcoin and Ethereum are becoming increasingly complex and varied across different nations.

By |February 22, 2025|Categories: Article, Cryptocurrency, Regulation|Tags: , |0 Comments