On May 22, 2025, the House passed a sweeping tax reconciliation bill that could reshape the financial landscape for individual taxpayers, particularly high-net-worth individuals. The bill proposes to make permanent the tax rate reductions introduced by the Tax Cuts and Jobs Act (TCJA), which were originally set to expire at the end of 2025. This move aligns with several of President Trump’s campaign promises, including the elimination of taxes on tips for certain workers.