I. Work on the Hill
In May 2025, Congress made significant progress on long-term federal budget planning while launching the annual appropriations process for Fiscal Year 2026. The most notable development came on May 22ⁿᵈ, when the House narrowly passed H.R. 1, the “One Big Beautiful Bill Act,” a comprehensive 10-year budget reconciliation package that proposes a combination of extended tax relief, targeted spending reductions, and policy reforms across a wide range of federal programs. The bill aims to build on the 2017 tax law by permanently extending individual tax rate reductions and increasing the estate tax exemption. It also introduces new tax benefits, including a deduction for seniors and the elimination of federal taxes on tips and overtime pay.