Trump tax plan

While many companies have not stated what they might do, last month's tax legislation is helping ease some concerns while they grapple with tariff uncertainty.

The Treasury Department and the IRS will need to roll out guidance to explain the bill's newer provisions and how they differ from earlier tax legislation.

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

Tax clients are already starting to ask their accountants about the many changes in the massive One Big Beautiful Bill Act passed by Congress last week.

Business investors and wealthy Americans are among the biggest winners. Those hit the hardest include elite universities, who face new levies, and immigrants.

President Donald Trump's multitrillion-dollar tax and spending package moved closer to reality after it passed the Senate.

The Senate narrowly approved President Trump's tax bill after Vice President JD Vance cast a tie-breaking vote following no votes from three Republican senators.

The prospect of prolonged talks with holdouts threatens Senate Majority Leader John Thune's goal of passing President Trump's tax-cut legislation by July 4.

The sale of federal land would provide billions of dollars to help pay for the massive package of tax cuts in the Senate's version of the bill.