Senate Advances “One Big Beautiful Bill” After 51–49 Vote

In a major procedural victory for Republicans, the U.S. Senate has cleared the first hurdle toward passing President Trump’s flagship tax and spending proposal, known as the “One Big Beautiful Bill.”

Late Saturday, senators voted 51–49 to move forward with formal debate on the sweeping legislation, despite opposition from two key GOP senators, Thom Tillis (R-NC) and Rand Paul (R-KY). The narrow margin highlights deep divisions within the party over the bill’s scope, cost, and long-term economic effects.

What’s In The Bill?

The 1,000-page package combines tax cuts, social program adjustments, immigration policy shifts, and defense spending increases. Major tax provisions include:

• Permanent extension of 2017 individual and business tax cuts

• A $40,000 SALT deduction cap until 2030, then reverting to $10,000

• Exemptions for tips, overtime, and some Social Security income

• Changes to clean energy tax credits, including faster phase-outs for solar and wind incentives

• Estate tax exemption permanently indexed at $15 million per person

The bill also contains deep cuts to Medicaid and SNAP, and controversial new limitations on state-level AI regulations tied to broadband funding.

Why Was The Vote Controversial?

Despite Republican leadership’s push to pass the bill before July 4:

• Senator Rand Paul objected to its deficit impact, calling it fiscally reckless.

• Senator Thom Tillis raised concerns over Medicaid cuts and the SALT cap compromise.

• The Congressional Budget Office (CBO) estimates the bill would add $3.3 trillion to the federal deficit over ten years.

  
  

Outside Congress, business leaders have voiced alarm. Elon Musk called the legislation “utterly insane and destructive,” warning it could cost millions of jobs—particularly due to energy tax changes and potential trade retaliation from foreign tax provisions.

What’s Next?

Senate leaders plan to begin 20 hours of formal debate, followed by amendment votes and a final up-or-down vote expected later this week. If passed, the bill would then go to a House-Senate reconciliation conference before it reaches President Trump’s desk.

With narrow GOP margins, any senator’s dissent could derail final passage, and parliamentary review of certain provisions under reconciliation rules remains a looming hurdle.

Why This Matters for Tax Professionals

If enacted, this bill would:

• Reshape individual and corporate tax planning for the next decade

• Change SALT deduction strategy for high-income clients in high-tax states

• Accelerate tax credit timelines for clean energy projects

• Alter estate tax planning due to the permanent $15 million exemption

  
  

How Bizora AI Helps You Plan Ahead

Bizora AI tracks every change to the “One Big Beautiful Bill” in real time, helping CPAs, CFOs, and tax counsel:

• Model tax impacts under House vs. Senate versions

• Generate client-ready memos explaining each provision

• Review entity planning implications and clean energy credit phase-out strategies

  
  

Need to evaluate how this bill affects your clients before it passes?→ Ask Bizora AI for instant, source-backed scenario modeling.