**Republican control of Congress enabled passage of the One Big Beautiful Bill Act in July 2025, which permanently extended most 2017 TCJA business provisions—including 100% bonus depreciation, R&D expensing, and interest deduction rules—but left the 21% corporate rate unchanged.** No further legislation lowering that statutory rate or enacting comparable broad-based corporate relief has advanced in 2026. With midterm elections approaching and attention shifting toward tariffs, spending priorities, and confirmation fights, the window for additional corporate tax legislation before January 2027 has narrowed sharply. Traders view the absence of rate-cut proposals on the current legislative calendar, combined with deficit concerns and competing agenda items, as the dominant reason implied probabilities heavily favor no new cuts materializing in the remaining months of 2026.