Tax & Accounting News

TaxBuzz Top 5 - Senate GOP Pushes Forward with Trillions in Tax Cuts, Trump Tariffs Spark Turbulence & More

4/7/2025

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Senate Republicans Push Forward With Trillions in Tax Breaks and Deep Spending Cuts

Credit: Andrey Denisyuk/Getty Images

Senate Republicans are advancing a sweeping budget blueprint that would deliver up to $4.5 trillion in tax cuts while simultaneously slashing federal spending by at least $1.5 trillion, The Guardian reports. The plan mirrors House Republican proposals, aiming to extend the 2017 Trump tax cuts and reduce mandatory spending, including cuts to programs like Medicaid and the Supplemental Nutrition Assistance Program (SNAP).

Senate Budget Committee Chair Chuck Grassley said the plan is about “economic growth and fiscal responsibility,” although critics argue it disproportionately benefits the wealthy while threatening essential services. Under the plan, if lawmakers cannot find at least $2 trillion in cuts, they would be forced to reduce the scope of the proposed tax cuts.

Democrats have fiercely opposed the plan, warning that it would increase the deficit while placing an undue burden on working families. Senate Majority Leader Chuck Schumer called it “a roadmap to gut social safety nets and shower the ultra-rich with more tax breaks.”

While budget resolutions are non-binding, they provide a framework for future legislation. The Senate and House versions will need to be reconciled before moving forward, setting up a contentious debate as lawmakers prepare for an election-year tax policy showdown.

2. Michigan Clean Energy Projects Stalled Amid Uncertainty Over Federal Tax Credits

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Credit: Phonlamai Photo/Getty Images

Michigan's clean energy development is slowing as local governments and developers await clearer federal guidance on key tax credits tied to the Inflation Reduction Act. Many cities and townships had been gearing up to launch or expand solar, wind, and battery storage initiatives, but ambiguity around how federal tax incentives apply to public entities is putting plans on hold.

The Inflation Reduction Act allows municipalities and nonprofits to receive direct payments instead of traditional tax credits, a move intended to widen participation in the clean energy transition. However, questions remain about eligibility, timing, and application processes, leaving many hesitant to move forward, says the Public News Project.

“We have a lot of shovel-ready projects that are just waiting for confirmation on what these tax credits will actually look like in practice,” said Sarah Nielsen, executive director of the Michigan Energy Options nonprofit.

The U.S. Treasury has issued some interim rules, but experts say they lack clarity on implementation for smaller governments and organizations. Meanwhile, Michigan communities are missing out on potential funding and job creation opportunities. Advocates are urging the IRS and Treasury to move quickly to finalize and explain the rules so Michigan can take full advantage of the federal clean energy incentives.

3. Trump's Sweeping Tariffs Spark Global Economic Turbulence

Credit: Scott Olson/Getty Images--2500

On April 2, 2025, President Donald Trump announced a comprehensive tariff strategy, imposing a universal 10% tariff on all imports, with higher rates for specific countries, including 34% on Chinese goods and 20% on European Union imports. Investor's Business Daily notes that these measures, branded as "reciprocal tariffs," aim to address trade imbalances and are set to take effect on April 5 and April 9, respectively.

The announcement has led to significant market volatility, with the S&P 500 and Nasdaq Composite experiencing sharp declines. Major companies like Apple and Walmart have also seen notable stock price drops.

International reactions have been swift and varied, per the Wall Street Journal. The European Union is seeking a unified response, while countries like Vietnam face substantial economic impacts, with potential losses amounting to 2% of its GDP.

Domestically, business leaders warn of increased consumer prices and potential economic downturns. President Trump, however, remains steadfast, likening the tariffs to "medicine" necessary to rectify trade disparities.

4. Crusoe's $3.5 Billion Texas Data Center to Benefit from Significant Tax Breaks

Credit: Donovan Reese/Getty Images

Crusoe, an AI startup, plans to invest up to $3.5 billion in developing a data center campus in Abilene, Texas, according to Business Insider. The Abilene City Council has approved an agreement granting Crusoe an 85% property tax abatement, contingent upon a minimum investment of $2.4 billion. This development is part of Project Stargate, a joint venture involving OpenAI, Oracle, and SoftBank, announced by President Donald Trump in January. Oracle is identified as the tenant for multiple data center buildings on the site.

Crusoe has committed to constructing six additional data centers, each exceeding 100,000 square feet, supplementing the two currently under construction. The tax abatement agreement also mandates the creation of 357 full-time jobs with minimum salaries of $57,600. Critics argue that data centers often generate fewer permanent jobs relative to the tax incentives provided.

To finance this expansive project, Crusoe has entered into a $3.4 billion joint venture with private credit company Blue Owl and secured $2.3 billion in construction loans from JP Morgan. Additional Project Stargate sites are under consideration in other U.S. states, including Texas, Pennsylvania, Oregon, and Wisconsin.

The Abilene data center campus is expected to significantly contribute to the local economy, with the Development Corporation of Abilene estimating a direct and indirect economic impact of approximately $1 billion over 20 years.

5. HMRC 'Name and Shame' List Highlights Global Issue of Wage Violations

Credit: Getty Images

The UK's tax authority, HM Revenue and Customs (HMRC), has published a list of 159 companies found to have underpaid their employees, violating national minimum wage laws. This 'name and shame' initiative aims to promote compliance and deter similar practices.

While this action is specific to the UK, wage violations are a global concern, including in the United States. The U.S. Department of Labor's Wage and Hour Division regularly investigates and penalizes companies for failing to meet minimum wage and overtime requirements under the Fair Labor Standards Act (FLSA). For instance, in recent years, several U.S. companies across various industries have been fined for wage theft and related infractions.

These issues highlight the importance of multinational companies complying with labor laws in all jurisdictions where they operate, as non-compliance can lead to significant financial penalties and reputational damage.

Which headline this week most interests you?

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Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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