The U.S. The House of Representatives has passed the "Big Beautiful Bill" (BBB), a expansive tax reform proposal that updates key provisions of the 2017 Tax Cuts and Jobs Act. The 1,000 page bill aims to streamline the tax code, encourage investment, and offer relief to middle class families, workers, and institutions. The Bill is now headed to the Senate, where debate and revisions are expected ahead of potential July 4 passage.
 
Tax Relief for Individuals and Families
A significant feature of the BBB is the permanent increase in the estate and gift tax exemption to $15 million, beginning in 2026, providing relief to families, farmers, and small business owners who wish to transfer assets without large tax burdens.

Pennsylvania's ongoing involvement in RGGI, the Regional Greenhouse Gas Initiative, a multi-state program to reduce power plants' carbon pollution, is currently at a standstill due to current litigation.
 
RGGI requires these power plants to purchase credits for each ton of carbon dioxide emitted. The revenue generated would be used for further investments in clean energy programs and consumer benefits. In 2019, Tom Wolf issued an "executive order" bypassing the legislature, which sparked the lawsuit due to questions of its constitutionality. 

The United States economy dipped by 0.3% in the first quarter of 2025, mainly due to a significant import surge as businesses tried to prepare for President Trump's new tariff policy.
 
These tariffs aimed to strengthen American industry and counter China's long-standing trade advantages. Imports jumped 41.3%, weighing on GDP figures, while exports posted a modest 1.8% gain. Meanwhile, federal spending declined following efficiency-focused cuts and canceled contracts under Elon Musk's DOGE.