Tax Breaks: The Big, Beautiful Bill Hanging Over The Hill Edition

Contributing sentiments towards policy:

69% : The "big beautiful bill" -- as President Trump has dubbed it-lived up to its moniker.
63% : A contingent fee based on securing a big refund may encourage evasion or abuse of tax laws by incentivizing practitioners to adopt unduly aggressive tax positions.
62% : If you're impacted by a cyberattack, there could be tax consequences.
61% : The bill would also increase and expand the punishment for unauthorized disclosure of tax return information, largely in response to the Charles Littlejohn leaks.
61% : This optional path maintains public protection while providing added flexibility and options for CPA candidates.
59% : The IRS stepped in, and on July 10, 1970, it issued a news release stating that it could "no longer legally justify allowing tax-exempt status to private schools which practice racial discrimination."
55% : Tax Summit 2025.
54% : " In 1971, the IRS formalized the policy of denying tax-exempt status to private schools that practiced racial discrimination, setting the stage to send the matter to the Supreme Court.
54% : National Association of Tax Professionals Taxposium 2025.
53% : Realistically, the deduction won't help seniors with little to no other income sources outside of Social Security and will primarily benefit middle income taxpayers who have income in addition to Social Security, since it phases out at higher income levels.
53% : That arrangement also, as Harvard's Garber said, has a chilling effect on tax-exempt entities.
52% : After the Civil Rights Act of 1964 was passed, the Department of Health, Education, and Welfare under President Johnson sent documents to schools requiring them to agree to comply with the act and its regulations, but Bob Jones Jr., then president of the university, refused.
52% : The Court found that the IRS was correct in its decision to revoke tax-exempt status, but the case was not decided until 1983.
51% : The tax portion of the bill will cost $3.7 trillion over the next decade, according to the Joint Committee on Taxation (JCT).
51% : The majority of people who receive Social Security do not pay federal income tax on those benefits -- according to the Social Security Administration, only about 48% of people pay federal income taxes on their benefits (though some studies suggest that the percentage is higher).
49% : There is no language in the draft bill or the amendment to exempt Social Security from tax.
48% : Harvard's president, Alan Garber, understands the effect on tax-exempt institutions, telling The Wall Street Journal: "The message that it sends to the educational community would be a very dire one which suggests that political disagreements could be used as a basis to pose what might be an existential threat to so many educational institutions.
45% : That's because in the TCJA, many of the tax benefits for individuals were set to expire at the end of 2025, while the corporate tax breaks were largely permanent.
44% : Today, it may be politically expedient for elected lawmakers to allow the IRS to act as both determiner and enforcer of public policy, but that's inconsistent with the IRS's role as an administrative agency.
43% : Last year, Trump also promised to exempt Social Security income from tax.
41% : A White House statement issued on the same day as the IRS's news release said that Nixon "approves of and concurs in the IRS decision regarding tax exemption for discriminatory private schools.
39% : Tops on the list: Did Trump keep his promise to end taxes on tips, overtime, and Social Security?
38% : That gives the practitioner "a direct, financial interest in the tax benefits of a client."
31% : In 2024, Littlejohn was sentenced to five years in prison for disclosing thousands of tax returns, including those of Donald Trump and other billionaires, without authorization.
28% : The deductions would also be temporary, ending as Trump exited office.

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