Donald Trump and Republican lawmakers successfully passed their major tax-and-spending cut bill this summer, moving faster than most in Washington expected. The “One Big Beautiful Bill Act,” signed into law on July 4, 2025, extended the 2017 tax cuts permanently while making significant cuts to healthcare and social programs. The legislation added $3.4 trillion to the national deficit through the next decade.
Now Republicans are planning their second act. Despite the massive fiscal impact of their first bill, Trump and GOP leaders are exploring options for another major tax package. Several important tax provisions that weren’t included in the summer legislation are set to expire at the end of 2025.
