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TaxBuzz Top 5 - House Passes 'Big, Beautiful Bill,' Italy's Head of Film Faces Massive Tax, Murder Scandal & More

by
Rebekah Barton
on
7/3/2025
TaxBuzz Top 5 - House Passes 'Big, Beautiful Bill,' Italy's Head of Film Faces Massive Tax, Murder Scandal & More

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. House Passes Trump's "Big, Beautiful Bill"

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Credit: Win McNamee/Getty Images News

Congress on July 3 passed the One Big Beautiful Bill Act, sending the sweeping tax and spending package to President Trump for signature. The bill previously won Senate approval (51–50, tie broken by Vice President Vance) and cleared the House on a razor-thin 218–214 vote amid intense Republican campaigning and Democratic resistance.

Deficit surge: The Congressional Budget Office estimates an added $3.3 trillion to the national debt over ten years, though estimates range up to $4 trillion.

Deep Cuts to Social Programs:

  • Medicaid and SNAP: Work requirements and cost-sharing cuts could strip coverage from approximately 11–12 million Americans by 2034.
  • Green energy rollback: Repeals key clean energy tax credits from the Inflation Reduction Act.

Expanded Conservative Priorities:

  • Defense & border: Around $350 billion allocated to military funding and immigration enforcement, including ICE expansion and border barriers.

Political Fallout:

  • The bill passed amid fierce opposition: Democrats mobilized with marathon speeches and protest, warning of harmful impacts on vulnerable communities.
  • Public sentiment is lagging: Polls show 42–64% disapproval, with analysts cautioning it may harm Republicans in the midterms.

What Comes Next:

  • President Trump is expected to sign the bill on or before July 4.

Watch for broader electoral reverberations—Republicans are betting voters will focus on immediate tax relief, but Democrats argue cuts to health, nutrition, and clean energy will fuel backlash.

2. Tesla Delivery Decline Deepens as EV Tax-Credit Cuts Loom, Amid Broader Industry Strain

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Credit: Roman Tiraspolsky/Getty Images

Per Scripps News and multiple other sources, Tesla reported a 13.5% drop in Q2 2025 global vehicle deliveries—down to approximately 384,000 units, compared to 444,000 a year earlier. Though this represents its steepest quarterly decline yet, the figure modestly exceeded analysts’ worst-case forecasts, prompting a ~5% rebound in Tesla stock.

Key drivers behind the decline include:

  • Assembly-line disruption during updates to the Model Y, which delayed deliveries.
  • A slowdown in global EV demand and heightened competition, notably in China and Europe.
  • Lingering backlash tied to Elon Musk’s political associations, including his exit from the Trump administration and his ongoing feud over the “Big Beautiful Bill”.

Moreover, Tesla is facing an imminent threat: the Senate’s passed tax and spending bill—which is now back in the House, per the update above—strips the $7,500 federal EV tax credit for new vehicle purchases. Analysts warn the loss could cut U.S. EV sales by 10–12%, hitting Tesla and the broader EV sector.

Emerging alternatives include Tesla’s launch of a robotaxi service in Austin and expansion in Shanghai, but major challenges loom over larger EV market vitality and retention of consumer incentives.

3. Italy’s Film Tax-Credit Scandal: $1M Misused, Film Chief Resigns, U.S. Murder Alleged

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Credit: Alexander Spatari/Getty Images

Italian authorities are grappling with a major scandal involving the misuse of a €863,595 ($1 million) production tax credit for a movie that was never made, Variety reports. The film, titled Stelle della Notte, was reportedly submitted by Tintagel Films, linked to U.S. citizen Charles Francis Kaufmann—also known as Rexal Ford—who now faces murder charges in Greece and Italy for allegedly killing a woman and her infant daughter in Rome’s Villa Pamphili park.

In response, Nicola Borrelli, the head of Italy’s Cinema and Audiovisual department, resigned after Culture Minister Alessandro Giuli railed against the agency’s “easy financing system” and pledged to overhaul controls to prevent further abuse. Giuli echoed public dismay, condemning how “carelessness and waste” allowed significant taxpayer funds to slip through the cracks.

Italian press confirms Borrelli’s departure as authorities seized internal documents while investigations into Kia­fmann’s shell company continue. Despite the scandal, officials and industry leaders maintain that Italy’s broader tax-incentive framework for film production—which offers up to 40% rebates—remains intact and essential, particularly for international shoots. 

Wider Significance & National Implications

  • Tax integrity under fire: This case strains public confidence in tax incentives, likely triggering tighter vetting and stricter oversight—especially for foreign applicants.
  • Systemic reform: Italy is set to reform its film tax-credit procedures nationwide—introducing mandatory due diligence and improved fraud detection systems.
  • Precedent for other countries: As global film incentives face scrutiny, Italy’s move may influence how other nations balance creative industry support with fraud prevention, setting a transnational model for safeguarding public funds.

This is an evolving situation.

4. Connecticut Towns Gain Flexibility on Vehicle Property Tax After State Law Shakeup

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Credit: Getty Images

Connecticut has enacted a critical change allowing municipalities to adjust motor vehicle property assessments following steep valuation declines from last year’s switch to assessing vehicles by MSRP with aggressive depreciation.

In 2022, Connecticut shifted from NADA-based valuations to MSRP with a 20-year depreciation schedule—taxing 85% of 1-year-old vehicles, decreasing annually.

The change led to an average 10–15% drop in taxable vehicle value statewide, denting town revenues by about $1.1 billion annually. As of July 1, towns have the option to adopt a modified depreciation schedule, adding 5 percentage points to each vehicle tier (e.g., 90% MSRP for one-year-old cars).

Towns like Trumbull and West Hartford have embraced the change. Trumbull regained over $37 million in grand list value, and most residents saw car taxes drop ~5% compared to last year. West Hartford projected a 7.35% overall tax increase but avoided larger hikes by adopting the adjusted schedule.

Local Impact & Policy Debate:

  • Critics argue the update disproportionately benefits luxury and collectible vehicle owners (e.g., Ferraris, Porsches), whose values depreciate more slowly, effectively creating large tax breaks for the wealthy ctinsider.com.

This shift in policy prompts essential questions: Should vehicle taxes closely track real-world values? Or should they be smoothed to protect community services? Connecticut’s approach—modifying depreciation post hoc—provides a template other states may watch when confronting volatile vehicle markets.

5. Sen. Lummis Proposes Crypto Tax Overhaul in Massive Budget Bill After Vote‑a‑Rama Snub

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Credit: BlackJack3D/Getty Images

Senator Cynthia Lummis (R‑Wyoming) has introduced a comprehensive digital asset tax package as a “discussion draft” tied to the Senate’s sweeping One Big Beautiful Bill Act, aiming to inject crypto‑friendly reforms into federal tax law. The proposal is revenue‑neutral overall—projected to raise $600 million over 10 years—and includes several key provisions designed to reduce tax burdens and simplify compliance for crypto users and innovators.

Key Provisions:

  • End double taxation on rewards staking, mining, airdrops, and forks would be taxed only upon sale, not both at reward receipt and sale—bringing parity with other asset classes.
  • Wash‑sale and lending fixes closes crypto wash‑sale loopholes and offers clarity on lending, ensuring more consistent tax treatment.

Note that this legislation is newly proposed, and this is an evolving story.

Which headline this week most interests you?

Feature Image Credit: Antenna/Getty Images

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Rebekah Barton

Rebekah Barton

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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