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OBBBA: permanent tax cuts and international adjustments

Andrew Solomon and Aharon Friedman (Sullivan & Cromwell) report on an action-packed seven days in Washington.

On 4 July the 249th anniversary of the United States of America’s Declaration of Independence President Trump signed into law HR 1 the One Big Beautiful Bill Act (OBBBA) containing the legislative priorities of the White House and Congressional Republicans for this year.

House Bill passed on 22 May

In the prior article in this series we left off at the point where the U.S. House of Representatives narrowly passed its version of the ‘One Big Beautiful Bill Act’ on 22 May by a vote of 215-214-1 (see ‘The Big Beautiful Bill: one House down one House to go ’ Tax Journal 13 June 2025). Since then the Trump Administration and...

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