The Republican tax law, officially titled as the One Big Beautiful Bill Act, has sparked a flurry of activity among tax professionals as they attempt to find a suitable name for the legislation. The official title, which was briefly included in the bill, has been removed, leading to a proliferation of alternative names. Some popular nicknames include ‘OB3’ and ‘OB-cubed,’ while others prefer to refer to it as ‘OBBB’ or ‘TOBBB.’ Treasury Secretary Scott Bessent is a proponent of ‘O Triple B,’ although some experts, like tax lawyer Libin Zhang, argue that the moniker is misleading, suggesting ‘OB-cubed’ as a more accurate representation.
As the law moves forward, tax professionals are not only struggling with the name but also with the complexity of its provisions. The bill introduces a new alphabet soup of acronyms and jargon, which further complicates the understanding of its implications. The most notable change is the replacement of GILTI with the new Net CFC Tested Income (NCTI), although some experts continue to use the old acronym. This shift in naming conventions has led to various nicknames for NCTI, such as ‘necktie’ and ‘neck tee,’ although the GILTI moniker remains in use among many professionals.
The lack of a clear, official title has prompted a deeper analysis of the legislation’s impact on the U.S. economy and multinational corporations. The decision to remove the ‘revenge tax’ provision shows the compromises made during the legislative process, with lawmakers opting to drop the levy after negotiations with G7 nations. The overall legislation, although officially named as ‘An act to provide for reconciliation pursuant to title II of H. Con. Res. 14,’ has been widely referred to as ‘One Big Beautiful Bill Act’ in informal discussions and surveys, indicating its continued relevance in both professional and public discourse.