As expected, late yesterday, Senator Mike Crapo released his draft Senate version of One Big Beautiful Bill.  On balance, we like it, but we’re still wrestling through it, but here are some initial takeaways.

The Good:

• • • Restores the $10,000 SALT cap – as opposed to the preposterous $40,000 cap in the House bill.
    • Makes almost all 2017 Trump tax cuts permanent, including capital expensing provisions, school choice tax credits, and opportunity zones.
    • Limits the remittances tax to cash transactions rather than the House approach that snared bank transactions – which would inhibit foreign investment in the U.S.
    • Caps no tax on tips at $25,000 and tax on overtime at $12,500 per year.
    • Adopts “current policy” baseline.

…the Bad and Ugly:

• • • No cut in corporate tax rate (Trump wanted 15%).
    • Cuts the tax on earnings from university endowments to only 8% versus 21% in the House bill.
    • No private foundation excise tax.
    • No 15% business tax on made in USA products.
    • No Health Savings Account expansions.
    • Extends many green new deal energy giveaways past the end of President Trump’s term.
    • Retains double tax on immigrant remittances.

Here is the official summary:

And you can dig into all the details via these handy House v. Senate summary tables from Andrew Lautz of the Bipartisan Policy Center on the individual tax extensions, new and extended business tax provisions, and revenue raisers.