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Trump Tax Plan Faces Resistance from Legal and Accounting Firms
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Subscribe17 JUN 2025 / ACCOUNTING & TAXES
The US House of Representatives has passed a controversial tax bill, dubbed “One Big Beautiful Bill," which could potentially cost service-based firms $73 billion in the next decade to subsidize tax breaks for others. Amidst growing criticism from lawyers and accountants who stand to be adversely affected, the bill is set to be presented to the Senate, where its provisions - such as raising the state and local tax deduction cap to $40,000 which predominantly benefits top earners, and the hotly disputed tax provision for professional service firms - are to face further scrutiny.
The House just passed Trump’s “One Big Beautiful Bill”, but don’t let the name fool you. While it bumps the SALT deduction cap to $40,000 and dangles fresh breaks for top earners, it also buries a controversial provision that’s got lawyers and accountants...
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