Republican control enabled passage of the One Big Beautiful Bill Act in July 2025, which permanently extended key 2017 Tax Cuts and Jobs Act business provisions such as full bonus depreciation and R&D expensing while maintaining the 21% corporate rate. No subsequent legislation has advanced a statutory rate reduction. With the 2026 midterms approaching and Congress focused on appropriations, defense, and other reconciliation priorities, further corporate rate cuts lack scheduled vehicles or broad support before 2027. Treasury regulatory guidance has delivered targeted relief on existing breaks, but trader consensus reflects the absence of legislative momentum for additional rate changes in the remaining window.