$4.5 Trillion in Tax Cuts May Be COMING SOON!

On the evening of February 25, the U.S. House of Representatives passed a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending reductions over the next decade. This resolution marks the first step in the Republican effort to advance a comprehensive tax and spending bill through the reconciliation process, which requires only a simple majority for approval. If enacted, the legislation would extend most tax provisions set to expire at the end of 2025. Additionally, Republican lawmakers have proposed eliminating taxes on tips, Social Security benefits, and overtime, as well as increasing the state and local tax (SALT) deduction limit. The resolution now moves to the Senate for consideration. Should it gain approval, these changes could have significant implications for both individuals and businesses. For more updates or need to discuss how these potential tax reforms may impact your business, call XQCPA at 832 295 3353.