In DC Dynamics episode 21: Solving the Tax Bill Buzzle, host Ray Beeman, Washington Council EY’s managing partner, discusses the Republican-led reconciliation bill focused on extending the Tax Cuts & Jobs Act (TCJA) provisions set to expire at the end of 2025. The episode highlights how Speaker Mike Johnson narrowly passed the House version of the “One Big Beautiful Bill,” navigating various internal Republican factions and relying on President Trump's intervention. In addition, Beeman walks through some of the challenges ahead in the Senate, including potential Byrd Rule violations, concerns about Medicaid cuts, and the need to maintain a delicate balance to secure enough votes. While a large tax bill seems inevitable given the Republican majority and presidential support, the specific details and timing remain uncertain, with a likely push for passage before the August recess.

For more information on budget reconciliation, be sure to check out the budget reconciliation basics page on EY.com: https://www.ey.com/en_us/insights/tax/budget-reconciliation-basics

Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm. https://www.ey.com/en_us/services/tax/washington-council-ernst-young

In DC Dynamics episode 20: Budget Reconciliation Basics, special guest host Heather Meade, head of Washington Council Ernst & Young’s health team, and Lisa Wolski, the newest member of WCEY’s tax team, walk through the basics of budget reconciliation.

Budget reconciliation is a process that permits legislation impacting revenues and spending to pass the Senate with 51 votes rather than the 60-vote filibuster threshold for most other legislation. Spending, revenue, or the debt limit (though rare) may be addressed under reconciliation together or separately, but only once per budget resolution, and only one budget resolution can be approved for each fiscal year. If either party sweeps in the 2024 elections, the process could be used to enact tax legislation.

For more information on budget reconciliation, be sure to check out the budget reconciliation basics page on EY.com: https://www.ey.com/en_us/insights/tax/budget-reconciliation-basics

Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.

https://www.ey.com/en_us/services/tax/washington-council-ernst-young

In DC Dynamics episode 19: Super Bowl of Tax Pregame, host Ray Beeman, Washington Council Ernst & Young’s managing partner, and Ryan Abraham, WCEY partner, take a look at the 2017 Tax Cuts & Jobs Act, a big portion of which is slated to expire next year and may bring a reconsideration of the current US tax system along with it. This will happen at the end of 2025 with the big unknown ahead of us before we get there – the 2024 presidential and congressional elections. Until we get to November 5th, only so much can be known about the political environment in which that deadline will fall, and the biggest factor clearly is who will be in control of the government.

Ray and Ryan walk though possible scenarios of how the TCJA extension could be addressed if the election outcome is a red or blue wave—if one party sweeps—or if there is a divided government.