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