The 2026 tax landscape
The U.S. tax environment in 2026 will be defined by sweeping reforms under the One Big Beautiful Bill Act (OBBBA), which provided what is arguably the most dependable tax code in years. The tax-centric law, enacted in July, delivered on a wide-variety of Republican promises around taxes, ranging from extending and expanding on expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) for individuals, to new employee-focused tax breaks.
The legislation also revived significant taxpayer-friendly business provisions sunsetted or phased out by the TCJA and lessened the impact of scheduled tax increases for multinationals. Republicans prioritized reviving business-friendly provisions that were phased, or phasing, out as part of the tradeoff the TCJA made for a lower corporate rate. Republican tax policymakers argued that permanent revivals…
