Key Takeaways:

• President Donald Trump signed wide-ranging tax legislation, P.L. 119-21 (the Legislation) on July 4, 2025.
• The Legislation includes net tax cuts of $4.5 trillion and spending cuts of $1.2 trillion, for a cost compared with current law of approximately $3.3 trillion over the 10-year budget window.
• The Legislation will affect nearly every sector

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