OBBBA adds to federal debt while modestly boosting the economy. The Tax Policy Center estimates that the One Big Beautiful Bill Act will increase the federal debt by $4.5 trillion by 2034. That would bring debt to 127 percent of GDP, up from the Congressional Budget Office’s baseline projection of 117 percent. The law's macroeconomic growth effects will offset less than 10 percent of its $3.4 trillion net cost (excluding debt service).

IRS to late filers: There’s still time. The IRS is reminding taxpayers who missed the April deadline that help is available. Taxpayers can file returns, make payments, or set up payment plans online, and may still qualify to reduce penalties and interest. The agency’s website offers guidance and access to in-person assistance through Taxpayer Assistance Centers.

Environmental tax revenues rise in the EU—but shrink as a share of GDP. Eurostat reports that EU environmental tax revenue reached €341.5 billion in 2023, up 2.1 percent from 2022. But the share of environmental taxes in the EU's GDP declined from 2.4 percent in 2010 to 2.0 percent in 2023. Households contributed 48.3 percent of environmental taxes, with the rest largely paid by corporations in manufacturing, services, and utilities.

King County considers sales tax hike to support public safety. Facing a $160 million shortfall, King County, Washington, is poised to approve a 0.1 percent sales tax increase to prevent cuts to law enforcement, courts, and behavioral health programs. The tax would add ten cents to every $100 spent and does not require voter approval. If passed, it would place King County among the highest sales-tax jurisdictions in the state.

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