The enactment of the One Big Beautiful Bill Act in July 2025, which made permanent the 21 percent corporate tax rate from the prior Tax Cuts and Jobs Act while adding targeted business provisions such as restored bonus depreciation and R&D expensing, has largely satisfied Republican priorities on corporate taxation without enacting further rate reductions. With Congress now addressing implementation, regulatory adjustments, and competing legislative items ahead of the 2026 midterms, additional corporate tax cuts face procedural hurdles and limited floor time. Traders assign a 92.5 percent implied probability to no further cut occurring before 2027 because historical patterns show tax reform typically requires unified party control and early-term momentum that has already been expended on this package. Upcoming budget reconciliation windows and Senate vote thresholds could still create openings, yet recent signals from leadership indicate other fiscal and policy matters will take precedence through at least the next session.