Marc Gerson, former chief tax counsel to the House Ways and Means Committee, discussed with Law360 Tax Authority that the budget reconciliation bill is the defining federal tax policy of 2025. "There obviously hasn't been anything else passed and the legislative agenda is obviously all tied to this bill," Gerson said. He also pointed to the Senate's inclusion of a sweeping international tax package – absent from the House version – that would lower deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI), effectively raising the tax rate on both to 14 percent. With lawmakers aiming to finalize the bill by July 4, Gerson noted, "They are trying to have the House pass it as is, and then it could go to the president for his signature," warning that any changes could delay the process.