On May 22, 2025, the House passed H.R. 1, the House GOP Reconciliation Bill, with amendments, including Title XI, known as the “The One Big Beautiful Bill,” proposing tax cuts and changes. Below is a summary of some key provisions of the bill. For additional coverage, see BGOV OnPoint: GOP Budget Plan Hangs in Senate Limbo. 

Disclaimer: The chart below does not address every tax provision in the bill and is intended to provide an overview of key changes and new proposals. The legislation must pass the Senate before going to the president, and the provisions are subject to change. For coverage of the bill as it moves through the legislative process, see the Daily Tax Report®.