Tax Foundation Events

From generous tax breaks to costly trade-offs, the House GOP's One, Big, Beautiful Bill has a little of everything. It's a sweeping attempt to extend key provisions of the 2017 Tax Cuts and Jobs Act before they expire in 2026—but what's actually in it?Kyle Hulehan and Erica York are joined by Garett Watson, Director of Policy Analysis at the Tax Foundation, to break down the good, the bad, and the ugly: who benefits, what it could mean for the economy, and how it might reshape your tax bill.Learn more: Budget Reconciliation Tracker: https://taxfoundation.org/research/all/federal/trump-tax-cuts-2025-budget-reconciliation/“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis: https://taxfoundation.org/research/all/federal/big-beautiful-bill-house-gop-tax-plan/The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill: https://taxfoundation.org/blog/one-big-beautiful-bill-pros-cons/House Tax Package Could Double Economic Growth Impact by Prioritizing Permanence for TCJA Business Provisions: https://taxfoundation.org/blog/house-tax-plan-economic-growth-impact-business-tax-permanent/A More Generous SALT Deduction Cap in the Big, Beautiful Bill Would Cost Revenue and Primarily Benefit High Earners: https://taxfoundation.org/blog/salt-deduction-cap-increase-proposal-analysis/House “One Big Beautiful Bill” Riddled with Temporary Tax Policy: https://taxfoundation.org/blog/house-one-big-beautiful-bill-temporary-tax-policy/Current Trump Tariffs Threaten to Offset Benefits of Promised Tax Cuts: https://taxfoundation.org/blog/trump-tariffs-tax-cuts/House GOP's Approach to the IRA Clean Energy Tax Credits: Five Things to Know: https://taxfoundation.org/blog/ira-clean-energy-tax-credits-house-gop-ways-means-bill/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

It's been a whirlwind 24 hours in tariff news: first, a trade court blocked Trump's sweeping new tariffs, calling them executive overreach. Then, a federal appeals court reinstated them—at least for now. We break down what happened, what's next, and why it matters.Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

We break down the House GOP's One, Big, Beautiful Bill—a sweeping tax package designed to extend key parts of the 2017 Tax Cuts and Jobs Act before they expire in 2026.Kyle Hulehan is joined by Garett Watson, Director of Policy Analysis at the Tax Foundation, to unpack what's actually in the bill, who benefits the most, and how it could impact the economy, federal revenue, and your taxes.Links: https://taxfoundation.org/blog/house-one-big-beautiful-bill-temporary-tax-policy/https://taxfoundation.org/research/all/federal/big-beautiful-bill-house-gop-tax-plan/https://taxfoundation.org/blog/house-tax-plan-economic-growth-impact-business-tax-permanent/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What happens when the country's most important retirement program runs out of money? Social Security faces a funding crisis by 2035. We unpack how the system works, why it's in trouble, and what fixes could keep it afloat.Kyle Hulehan and Erica York are joined by Alex Durante, Senior Economist at the Tax Foundation. Together, they break down the trade-offs behind today's biggest Social Security reform ideas. Links: https://taxfoundation.org/blog/how-the-payroll-tax-base-has-changed-over-time/https://taxfoundation.org/research/all/federal/social-security-reform-options/https://taxfoundation.org/blog/medicare-social-security-tax-spending-deficits/https://taxfoundation.org/research/all/federal/us-debt-budget-taxes-spending-social-security-medicare/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Do tariffs really level the playing field, or are they just bad economics? In this emergency episode, we fact-check the Trump administration's claims that retaliatory tariffs make trade fairer. Kyle Hulehan and Erica York break down the flawed research behind these arguments, explain who actually pays for tariffs, and discuss their real impact on businesses and consumers. Links: https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/https://taxfoundation.org/blog/trump-reciprocal-tariffs-calculations/https://taxfoundation.org/blog/trump-tariffs-prices-long-term-effects/https://taxfoundation.org/topics/tariffs-and-trade/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What are the biggest tax stories shaping policy today—and what do they mean for you? In our 100th episode, we break down the five biggest tax stories, from the global tax deal to the looming expiration of the Tax Cuts and Jobs Act. Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO of  Tax Foundation, and Garrett Watson, Director of Policy Analysis. We also dive into the Inflation Reduction Act, the CHIPS and Science Act, the rise of flat taxes in states, and the role of tariffs in tax policy.  Links: https://taxfoundation.org/podcast/all/understanding-property-taxes/https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/https://taxfoundation.org/blog/global-tax-agreement/https://taxfoundation.org/blog/flat-tax-state-income-tax-reform/https://taxfoundation.org/blog/inflation-reduction-act-ira-credits-repeal-reform/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

With property tax bills on the rise, homeowners are searching for answers—and some even want to abolish the tax altogether. In this episode, we break down why property taxes are increasing, discuss common but flawed solutions, and explain why the property tax remains an economically efficient revenue source. Senior Policy Analyst Manish Bhatt joins hosts Kyle Hulehan and Erica York to explore levy limits, circuit breakers, and policy reforms that could provide relief without distorting the housing market. Links: https://taxfoundation.org/research/all/state/property-tax-relief-reform-options/https://taxfoundation.org/data/all/state/property-taxes-by-state-county/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

How should states approach the unique challenges and opportunities presented by sports betting?  In this episode, Adam Hoffer, Director of Excise Tax Policy at the Tax Foundation, joins Kyle Hulehan to unpack the intricacies of sports betting tax policy during one of the biggest betting events of the year—Super Bowl 59.https://taxfoundation.org/research/all/state/sports-betting-tax-revenue/https://taxfoundation.org/data/all/state/sports-betting-taxes-by-state-2024/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Are tariffs making everything more expensive? With Trump's new tariff plans hitting $1.1 trillion in imports—far more than his first term—prices could rise for businesses and consumers alike.Kyle Hulehan and cohost Erica York break down who really pays for tariffs, why they hurt lower-income Americans most, and whether they worked the first time around. Links: Trump Tariffs: Tracking the Economic Impact of the Trump Trade WarQuestions About Tax Cuts, Tariffs, and Reconciliation After the ElectionWhy the Economic Effects of Taxes (Including Tariffs) MatterFive Things To Know About Trump's Income Tax and Tariffs IdeaSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What will the future of tax policy look like? In this episode, we dive into the critical challenges and opportunities looming on the horizon, especially with major tax cuts set to expire, which could increase taxes for 62 percent of filers. Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO of the Tax Foundation. Together, they explore what needs to happen in tax policy this year to avert a fiscal crisis, discussing the best- and worst-case scenarios for taxpayers. They also highlight how this year can serve as a vital reset for lawmakers and what key policies are at the top of Daniel's wish list.Tax Calculator: How the TCJA's Expiration Will Affect You See moreExpiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US See moreOptions for Navigating the 2025 Tax Cuts and Jobs Act Expirations See moreA Tax Reform Plan for Growth and Opportunity: Details & Analysis See moreSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What do you need to know to prepare for the upcoming tax year? Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. In this episode, they gear you up for 2025 by discussing key tax dates to mark on your calendar and the latest news affecting tax policy. Erica also shares insights from her recent congressional testimony on tariffs.  Links:  https://taxfoundation.org/testimony/t... https://taxfoundation.org/blog/trump-...Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What happens to your taxes when the Tax Cuts and Jobs Act expires on January 1, 2026? In this episode, we explore the potential tax hikes facing millions of Americans and the debate over measuring the budgetary impacts of extending tax cuts. Kyle is joined by Erica York, Senior Economist and Research Director, along with Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation. Together, they compare current policy with current law baselines and dive into how these decisions could impact future deficits, economic growth, and fiscal policy.Links: https://taxfoundation.org/blog/extending-tax-cuts-budgetary-impact/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Join us on November 15th at 12:00 pm EST for our upcoming webinar as our experts seek to answer this question and provide insight on many more.Our experts will recap the election and provide insights on what to expect in 2025. We will also take some time to explore what US tax and trade policy shifts could mean for other countries, particularly in Europe.Tax Foundation's President & CEO Daniel Bunn will lead a discussion with Tax Foundation's own Will McBride and Erica York, who will focus on what the election means for US federal tax policy, and Sean Bray, who will link US tax developments to the European policy landscape.Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Join hosts Kyle Hulehan and Erica York in this episode of The Deduction as they break down the US tax policy implications of Donald Trump's next presidential term. With the GOP gaining control over the White House and likely both chambers of Congress, the discussion centers around potential legislative changes, the future of tax cuts, and the impact of tariffs on everyday taxpayers. Get insights into what Trump's tax extensions and new proposals could mean for the economy, federal revenue, and household finances.  Links: https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ https://taxfoundation.org/blog/trump-tariffs-revenue-estimates/ https://taxfoundation.org/blog/largest-tax-increase-harris-trump/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Can tariffs truly replace income taxes in today's economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?To unpack these questions, Kyle Hulehan is joined by Erica York, Senior Economist and Research Director, as they explore the impact of tariffs on household budgets and the economy as a whole. They'll also revisit the McKinley Tariff era to see what history can teach us about the possible political backlash and economic consequences.Links: https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/https://taxfoundation.org/research/federal-tax/2024-tax-plans/https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/https://taxfoundation.org/blog/import-tariffs-affect-exports/https://taxfoundation.org/blog/economic-effects-taxes-tariffs/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Are tax increases on the horizon in 2025, no matter who takes office? In this episode, we explore why changes to the tax code could hit your wallet, regardless of which party comes out on top.Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. They break down the expiration of the Tax Cuts and Jobs Act, Trump's plans for the tax code, and Harris's proposals to raise taxes.LinksExpiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US See moreTax Calculator: How the TCJA's Expiration Will Affect You See moreWhy Are the Individual Tax Cuts Expiring? See moreTracking 2024 Presidential Tax Plans See moreHarris Tax Plan Ideas: Details and Analysis See moreTrump Tax Plan Ideas: Details and Analysis See moreOptions for Navigating the 2025 Tax Cuts and Jobs Act Expirations See moreSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

How does tax policy shape a nation's competitiveness? Today, we're diving into the showdown between the US and China, exploring how China's enticing tax incentives pose a formidable challenge to America's economic supremacy. Joining Kyle is Alex Muresianu, Senior Policy Analyst at the Tax Foundation. Together, they explore how changes to US corporate taxes, including the restoration of full expensing for research and development, could be the key to ensuring America remains competitive on the global stage. Links: https://taxfoundation.org/research/all/federal/us-chinese-economy-investment-manufacturing/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Neither presidential candidate has a perfect tax plan. But what changes could Trump and Harris make to their respective tax plans to better serve American workers and the economy? In this episode, we dissect their plans and provide practical solutions for improvement.Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. Trump could boost take-home pay by expanding the standard deduction and rethinking tariffs. Meanwhile, Harris could spark wage growth by lowering corporate taxes and broadening investment deductions, all while protecting workers.Links: https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/blog/trump-overtime-tax-exemption/https://taxfoundation.org/blog/kamala-harris-corporate-tax-rate-by-state/https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What do the contrasting tax proposals of Vice President Kamala Harris and former President Donald Trump mean for Americans as the 2024 election approaches? In this episode, we dive into the Tax Foundation's modeling of both candidates' plans, shedding light on how these proposals could impact Americans. Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. Together, they'll chat about the major economic implications of each candidate's proposals, from national debt to economic growth.  Links: https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/ https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ https://taxfoundation.org/research/federal-tax/2024-tax-plans/ https://taxfoundation.org/blog/trump-overtime-tax-exemption/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

What are the key challenges facing global tax policy today? Bob Stack, an international tax expert, explores the implications of the EU's adoption of Pillar Two and the potential for streamlining overlapping policies. He also addresses the issues that the US faces in global tax policy with the upcoming elections. In this insightful discussion, Bob dives into these pressing issues, drawing on his extensive experience at the US Department of the Treasury. He offers valuable insights into the OECD Inclusive Framework and the transformative Pillar Two.Links:https://taxfoundation.org/blog/pillar-two-unintended-consequences/https://taxfoundation.org/blog/global-tax-agreement/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

While tax policy was almost nonexistent in the first debate between Vice President Kamala Harris and former President Donald Trump, this episode will explore each candidate's latest proposals in greater depth. We'll break down Kamala Harris's updated tax plan, highlighting her capital gains adjustments and new deductions for startups. We'll also take a closer look at Trump's plans for tax cuts and tariffs, discussing what they could mean for American families and businesses.Erica York, Senior Economist and Research Director, joins Kyle Hulehan to discuss the debate. We'll highlight the key issues likely to be discussed and consider the serious implications for national debt and economic growth.Links: https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/research/federal-tax/2024-tax-plans/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 Dive into the highlights from the DNC as we break down Vice President Kamala Harris's tax proposals and their potential impact on everyday families. What do higher taxes on businesses and the wealthy mean for working Americans?  Erica York, Senior Economist and Research Director, joins Kyle Hulehan to examine her VP pick, Tim Walz, and how his progressive tax policies have shaped Minnesota's economy. Plus, we'll take a closer look at Harris's child tax credit expansion.  Links: https://taxfoundation.org/blog/harris-child-tax-credit-economic-agenda/ https://taxfoundation.org/blog/tim-walz-tax-policies/ Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

How does living abroad impact the taxes an American has to pay? Unlike most countries that tax based on residency, the US employs citizenship-based taxation, meaning Americans are taxed on their global income regardless of where they reside. This unique system creates a web of complexities, including stringent reporting requirements and potential penalties, which can leave many US citizens feeling overwhelmed. In this discussion, Marylouise Serrato from American Citizens Abroad, joins Kyle Hulehan to explore the implications of FATCA for Americans living outside the United States. Together, they'll unpack the compliance hurdles and misconceptions surrounding US tax obligations abroad, offering insights on the future of tax policy and its impact on the global American community.  Links:  https://www.americansabroad.org/Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion. Today, we untangle the key aspects of these proposals, diving into the latest updates, compliance hurdles, and their ripple effects on industries and smaller nations. Join Daniel Bunn, President & CEO of the Tax Foundation, and Senior Economist Alan Cole, as they sit down with Kyle Hulehan to explore what the future holds for global taxation and what it means for the United States. Links: https://taxfoundation.org/blog/global-tax-agreement/https://taxfoundation.org/blog/pillar-two-flaw/https://taxfoundation.org/taxedu/glossary/oecd-pillar-2-global-minimum-tax/Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Tax cuts vs. tax reform: what's the real difference, and why does it matter? In this episode, we uncover why retroactive tax cuts and temporary tax breaks often miss the mark for long-term growth and how revenue-neutral tax reform can streamline the tax system without altering overall federal revenue. Erica York, Senior Economist and Research Director at the Tax Foundation, joins host Kyle Hulehan to reveal the true impact of tax policies on households and businesses and discuss how changes in marginal tax rates drive economic decisions.  Links: https://taxfoundation.org/blog/unified-theory-misconceptions-tax-reform-debate/ Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 Taxing wealth has become a hot-button issue in today's political discourse, promising to reshape economic equality. But what are the real-world implications of such policies? In this episode, we dive into the contentious world of taxing wealth, examine how a progressive tax system aims to balance fairness and revenue generation, and explore the potential impacts and broader implications for economic policy and social equity.  Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to dissect the fundamentals of taxing wealth. They discuss the challenges of implementation, potential long-term consequences for the broader economy, and alternative policy options that could achieve progressivity while maintaining economic growth. Links: https://taxfoundation.org/blog/taxing-consumption-progressively-tax-the-wealthy/ https://taxfoundation.org/blog/federal-tax-code-progressive-rich/ https://taxfoundation.org/blog/us-pandemic-response-inequality-progressivity/ https://taxfoundation.org/research/all/federal/tax-fairness-funding-government-investments/ Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Tariffs are a hot topic this election cycle for both President Biden and former President Trump. But why are tariffs so popular despite their economic downsides? In this episode, we unpack tariffs' role in the political playbook, their impact on manufacturing jobs and consumers, and the Biden administration's review of Trump-era tariffs. Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to break down the basics of tariffs, explore historical tariff failures, and discuss the potential long-term effects of maintaining or increasing tariffs. Links: https://taxfoundation.org/research/all/federal/section-232-tariffs-steel-aluminum-2024/  https://taxfoundation.org/blog/biden-tariffs-china/ https://taxfoundation.org/blog/trump-biden-protectionism/ https://taxfoundation.org/blog/biden-trump-tariffs/  https://taxfoundation.org/blog/retaliatory-tax-trade-policies/ https://taxfoundation.org/blog/trump-china-trade-war-proposal/ https://taxfoundation.org/topics/tariffs-and-trade/https://taxfoundation.org/research/all/federal/tariffs-trump-trade-war/https://taxfoundation.org/blog/donald-trump-10-percent-tariff/Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Get ready to hit the autobahn and explore the world of German taxes! We'll navigate the complexities of Germany's corporate tax structure, including the combined federal and local rates, and unravel the complexities of local trade taxes and the real estate transaction tax, exploring their impact on businesses and property investments.  Alex Mengden, Global Policy Analyst, joins Kyle Hulehan to discuss Germany's unique federal system shaping state and local taxes, the intricacies of the value-added tax (VAT), and the substantial labor tax burden. Links: https://taxfoundation.org/data/all/eu/germany-trade-tax-rates/ Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Buckle up as we navigate the twists and turns of infrastructure and road funding. As electric vehicles gain traction, traditional gas taxes are running out of fuel to support our infrastructure budget. Today, we're exploring how Vehicle Miles Traveled (VMT) taxes pave a more equitable and sustainable path for funding road maintenance and construction. Adam Hoffer, the Director of Excise Tax Policy, joins Kyle Hulehan to unpack the challenges and opportunities of VMT taxes. They will explore the innovative technologies used for mileage tracking and address the significant privacy concerns involved. Links: https://taxfoundation.org/research/all/federal/road-funding-vehicle-miles-traveled-tax/https://taxfoundation.org/taxedu/glossary/gas-tax/Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 All taxes tell a story, and today we'll explore how taxes influenced Bob Dylan's decision to sell his music catalog, how the "chicken tax" reshaped the auto industry, and how the historic "tax on air and light" had profound effects on architecture and living conditions. Scott Hodge, President Emeritus & Senior Policy Advisor at the Tax Foundation, joins host Kyle Hulehan to discuss his new book, Taxocracy: What You Don't Know About Taxes and How They Rule Your Daily Life. Links: https://www.amazon.com/Taxocracy-What-About-Taxes-Daily/dp/B0CL3BXBVS Support the Show.Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

All Americans are affected by the tax code—but do they understand the tax code? To find out, the Tax Foundation's educational program, TaxEDU, and Center for Federal Tax Policy conducted a poll with Public Policy Polling. The poll surveyed more than 2,700 U.S. taxpayers over 18 years old—spanning the political spectrum and income distribution—to gauge Americans' knowledge of basic tax concepts and opinions of the current tax code. The results: most Americans are confused by and dissatisfied with the federal tax code.   Links:  https://taxfoundation.org/blog/national-tax-literacy-poll-education/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 In the context of the 2024 election year, what does President Biden's 2025 budget proposal signify regarding his strategies and priorities as he seeks reelection? And how could these proposals shape the overall landscape of this election cycle? Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to discuss the president's plan—from raising the corporate tax rate to implementing a billionaires' tax—and the longstanding flaws in the budget process.  Links: Taxing Consumption Progressively Is a Better Way to Tax the WealthyHow Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and ChildrenTax Calculator: How the TCJA's Expiration Will Affect YouDetails and Analysis of Making the 2017 Tax Reforms PermanentHow to Rein in the National DebtSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 Today, we're examining the differences between the broad incentives provided by the Tax Cuts and Jobs Act and the targeted approach of the Inflation Reduction Act and the CHIPS and Science Act.  Alex Muresianu, Senior Policy Analyst at the Tax Foundation, joins Kyle Hulehan to explore these policies' intentions, tangible effects on specific sectors, and impact on the broader U.S. economy.   Links:  https://taxfoundation.org/research/all/federal/supply-side-economics-industrial-policy/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 As the world of tax policy becomes more interconnected, the Tax Foundation is stepping up, recognizing the pressing need for informed and principled tax policy education in an ever-evolving landscape.  In response, we are broadening our scope by establishing a presence at the epicenter of European tax policy discussions: Brussels.  Sean Bray, Director of European Policy at the Tax Foundation, and Edwin Visser, Deputy Global Tax Policy Leader at PwC Netherlands, join Kyle Hulehan to discuss the launch of Tax Foundation Europe.  Links:  https://taxfoundation.org/blog/tax-foundation-europe-launches/  https://taxfoundation.org/eu/  https://taxfoundation.org/eu/research/european-tax-policy-scorecard/  https://taxfoundation.org/research/all/eu/eu-green-transition-tax-policy/  https://taxfoundation.org/research/all/eu/capital-gains-taxation-eu/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Sales taxes go beyond a few extra bucks at the register. It's not just about what you pay, but who pays. What are the implications of state sales tax bases across the U.S.? Katherine Loughead, Senior Policy Analyst & Research Manager at the Tax Foundation, joins Kyle Hulehan. Together, we'll uncover the core principles behind an efficient sales tax system and examine how taxing business inputs can lead to economic inefficiencies and higher prices for consumers.  Links:  https://taxfoundation.org/research/all/state/kentucky-sales-tax-reform/ https://taxfoundation.org/data/all/state/2024-sales-taxes/  https://taxfoundation.org/taxedu/glossary/tax-pyramiding/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Today, we're exploring the intricacies of the latest congressional act stirring up Washington—The Tax Relief for American Families and Workers Act of 2024. Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to dissect its key features, including the restoration of crucial business investment provisions, an expansion of the Child Tax Credit, and changes to pandemic-era tax credits.  The conversation also sheds a light on the act's temporary and retroactive dimensions, which could leave taxpayers in uncertain, and confusing, territory. Links:  https://taxfoundation.org/blog/bipartisan-tax-deal-2024-tax-relief-american-families-workers-act/ https://taxfoundation.org/blog/bipartisan-tax-deal-revenue-challenges/https://taxfoundation.org/research/all/federal/making-2017-tax-reform-permanent/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Financial literacy is a problem that educators around the country are trying to tackle. Today, we're speaking with Jed Collins, a former NFL player, who is leading the charge in the financial education arena by guiding high school and college students, as well as professional athletes, through the world of finance.  He's passing down essential knowledge on understanding taxes, showing students that a good financial game plan can lead them towards a prosperous future.Links:https://taxfoundation.org/taxedu/podcast/all/economic-education-month/https://taxfoundation.org/blog/do-people-really-move-because-of-taxes/https://course.yourmoneyvehicle.com/p/your-money-vehicletkehttps://yourmoneyvehicle.com/product-one-hour-course-certification-tax/https://yourmoneyvehicle.com/high-schools/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Americans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to discuss why the U.S. is struggling to save and what solutions exist within the tax code to help Americans save more. Links:https://taxfoundation.org/blog/personal-saving-retirement-taxes/https://taxfoundation.org/research/all/federal/case-for-universal-savings-accounts/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

October is economic education month. An important part of economic education is understanding how taxes affect the economy. On this special episode of The Deduction, we discuss how Tax Foundation is doing just that through our tax literacy initiative, "TaxEDU." Zoe Callaway, Manager of Education and Outreach, joins Kyle Hulehan to chat about why Tax Foundation launched TaxEDU and how TaxEDU is advancing tax policy education, discussion, and understanding in classrooms, living rooms, and government chambers.Links:https://taxfoundation.org/taxedu/https://taxfoundation.org/blog/taylor-swift-eras-tour-taxes/https://taxfoundation.org/blog/gdp-gross-domestic-product/https://taxfoundation.org/blog/barbie-movie/https://taxfoundation.org/blog/trade-deficit-myths/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Step into the shadows of illicit trade where taxation, incentives, and criminal networks intersect to fuel the lucrative cigarette smuggling market.Adam Hoffer, the Director of Excise Tax Policy, joins Kyle Hulehan to shed light on how substantial price markups on legal cigarettes pave the way for tempting tax avoidance opportunities. They unravel the unintended consequences of cigarette taxation and explore strategies to combat this burgeoning illicit tradeLinks: https://taxfoundation.org/blog/illicit-trade-taxes-counterfeit-cigarettes/https://taxfoundation.org/blog/california-flavored-tobacco-ban-revenue/https://taxfoundation.org/blog/new-york-cigarette-tax-flavor-ban/https://taxfoundation.org/data/all/state/cigarette-taxes-cigarette-smuggling-2022/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

The Inflation Reduction Act is an ambitious law with worthy goals to reduce deficits, fight inflation, help the IRS, and combat climate change. However, one year after its enactment, there are concerns about its overall fiscal impact, the additional complexity it introduces to the tax system, and the sustainability of its initiatives. Will McBride, Vice President of Federal Tax Policy at the Tax Foundation, joins Kyle Hulehan to examine the Inflation Reduction Act one year later. They dive into the disconnect between political aspirations and the real-world consequences of executing intricate policies, the skyrocketing costs of green energy tax credits, and why, despite increased funding, the IRS is struggling to keep up. Links:https://taxfoundation.org/research/all/federal/inflation-reduction-act-taxes/ https://taxfoundation.org/taxedu/podcast/all/accounting-for-the-new-book-minimum-tax/ https://taxfoundation.org/blog/inflation-reduction-act-green-energy-tax-credits/ https://taxfoundation.org/research/all/federal/inflation-reduction-act/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Interest rates and tax policy, two vital components of our economic landscape, often interact in fascinating ways. They influence the behavior of individuals, businesses, and governments. But how exactly? Alan Cole, Senior Economist at the Tax Foundation, joins us to explore the complex effects of interest rate changes. We discuss how these shifts can impact everything, from budget deficits and tax revenues to investment choices and the overall economy. Links:https://taxfoundation.org/tax-reform-bill-interest-rates/https://taxfoundation.org/deficit-interest-rates-and-growth/https://taxfoundation.org/tax-basics/cost-recovery/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/AlanMColeSupport the show

It's the 5th anniversary of the groundbreaking Wayfair Supreme Court decision—a ruling that marked a new era of sales tax collection and changed how we think about taxation in the digital age.South Dakota v. Wayfair established a new precedent, allowing states to assert their authority in collecting sales tax from remote sellers based on economic presence.Jared Walczak, Vice President of State Projects, joins Kyle to provide insights into the evolving legal framework surrounding the Wayfair decision and sales tax collection. They discuss potential solutions that could simplify compliance and bring uniformity to online sales tax regulations.Links:https://taxfoundation.org/what-does-the-wayfair-decision-really-mean-for-states-businesses-and-consumers/https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdfFollow Us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/JaredWalczakSupport the show

On this “not-so-heavy-on-the-policy” episode, our much-beloved host, Jesse Solis, is joined by the Deduction's Senior Producer, Dan Carvajal, and Marketing Associate, Kyle Hulehan, to share some bittersweet news.If you follow us on social media, you've undoubtedly come across something Kyle created. He is no stranger to the Tax Foundation, having interned here in 2018 and rejoining full-time last year, and his ever-brimming curiosity will be a welcome new seat at the table.Support the show

The past few years have brought a renewed push from countries across the globe to combat climate change. In the European Union, policymakers have put a timeline on their climate agenda. By 2050, the EU wants to achieve a net-zero economy.Sean Bray, director of European policy, breaks down how much it would cost to achieve this goal. He also discusses the similarities and differences between the EU's and the U.S.'s climate plans, and how the EU should use its tax codes to make the transition to a net-zero economy as frictionless as possible.Links:https://taxfoundation.org/eu-green-transition-tax-policy/https://taxfoundation.org/tax-basics/full-expensing/https://taxfoundation.org/cbam-eu-carbon-border-tax/Follow Us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodwww.linkedin.com/in/seanpatrickbraySupport the show

The FairTax, on paper, sounds simple: just replace all major sources of the federal government's revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax.But when you pull back the curtains, this proposal leads to more questions than answers.Alan Cole, senior economist, makes his Deduction debut to talk us through why this old idea is gaining attention this year. He breaks down what the FairTax shows us about the debate between income taxes versus consumption taxes, and why “simple solutions” appeal to so many policymakers for how best to tax an increasingly complex economy.Links:https://taxfoundation.org/fair-tax-national-sales-tax/https://taxfoundation.org/fairtax-consumption-taxes/https://taxfoundation.org/tax-basics/value-added-tax-vat/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/AlanMColehttps://twitter.com/solisjesse Support the show

The tax base around the world is shrinking for traditional excise taxes, including taxes on tobacco, alcohol, and motor fuel. But newer excise taxes on things like carbon, cannabis, and ride-sharing are on the rise.This trend has the potential to significantly affect the global economy.Adam Hoffer, Director of Excise Tax Policy, joins Jesse to discuss how excise taxes have been used by policymakers in the past and how that is changing. They discuss what makes a good design for these taxes and where excise taxes may go in the future as the traditional “sin tax” base continues to shrink.Links:https://taxfoundation.org/global-excise-tax-policy-application-trends/https://taxfoundation.org/unlock-global-growth-role-of-taxation/https://taxfoundation.org/principles#Stabilityhttps://taxfoundation.org/taxedu-video-cannabis/https://taxfoundation.org/taxedu-video-carbon-tax-explained/Follow us!https://twitter.com/AdamJHofferhttps://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/solisjesseSupport the show

When we discuss tax policy, the conversation inevitably turns to who pays, who should pay, and how much they should pay.Unfortunately, the tax burdens debate is often missing a key point: how income transfer programs—like Social Security or Medicaid—affect households' tax burdens.When looking at the whole picture, just how progressive is our tax code? Timothy Vermeer, senior policy analyst, joins Jesse to take a closer look. They discuss what is missing from the progressivity debate, and what lawmakers at the state and federal level should keep in mind when they consider tax reforms and interstate competition.Links:https://taxfoundation.org/who-pays-taxes-federal-state-local-tax-burden-transfers/https://taxfoundation.org/question-1-massachusetts-millionaires-tax/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/tevermeerhttps://twitter.com/solisjesseSupport the showSupport the show

President Biden recently released his budget proposal for fiscal year 2024. As he has with previous budgets, the president is continuing to call for higher taxes on businesses and wealthy taxpayers.This may be the last budget President Biden releases before he announces a run for a second term. The White House says this budget will reduce the deficit, strengthen Medicare, and will only target the well-off.But are those claims true? Erica York, senior economist, walks through the details with Jesse. They discuss what the economic impact of this budget would be and what parts stand a chance at actually becoming law.Links:https://taxfoundation.org/biden-budget-tax-proposals-analysishttps://taxfoundation.org/biden-budget-taxes/https://taxfoundation.org/biden-tax-fairness/https://taxfoundation.org/growth-opportunity-us-tax-reform-plan/Follow us!:https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/ericadyorkhttps://twitter.com/solisjesseSupport the showSupport the show

Affordable housing is an issue that has had long-standing bipartisan interest in D.C. But the path to increase the supply of affordable housing, though often well-intentioned, has created a bureaucratic nightmare.Large programs like the Low-Income Housing Tax Credit, and other initiatives like rehabilitation tax credits and grants, have created a web of complexity that makes these policies less helpful than they were meant to be.Garrett Watson, senior policy analyst, joins Jesse to break down the tax code's relationship to affordable housing. He also discusses his testimony to the U.S. Senate about this topic, and where he thinks lawmakers should focus their efforts as they continue to debate these tax programs.Links:https://taxfoundation.org/expanding-affordable-housing/https://www.finance.senate.gov/hearings/tax-policys-role-in-increasing-affordable-housing-supply-for-working-familieshttps://taxfoundation.org/low-income-housing-tax-credit-lihtc/Follow us!https://twitter.com/deductionpodhttps://twitter.com/TaxFoundationhttps://twitter.com/GS_Watsonhttps://twitter.com/solisjesseSupport the show

Filing season is ramping up, as most of us are getting ready to file our state and federal income taxes.But in nearly a third of U.S. states, taxpayers pay some sort of local income tax too. Levied in thousands of cities, counties, school districts, and other localities, local income taxes are often used to either lower other taxes (like property taxes) or raise more revenue for local services.While they may make sense on paper, local income taxes come with more challenges than other local revenue sources. Janelle Fritts, policy analyst with Tax Foundation's Center for State Tax Policy, walks Jesse through the origin of local income taxes and the trade-offs lawmakers need to keep in mind when considering them.Links:https://taxfoundation.org/local-income-taxes-2023Support the show