The Deduction

 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 Wealthy
• How Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and Children
• Tax Calculator: How the TCJA’s Expiration Will Affect You
• Details and Analysis of Making the 2017 Tax Reforms Permanent
• How to Rein in the National Debt

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 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/ 

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 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/ 

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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/ 

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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/

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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-vehicletke
https://yourmoneyvehicle.com/product-one-hour-course-certification-tax/
https://yourmoneyvehicle.com/high-schools/

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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/

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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/

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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 trade

Links: 

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/

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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/

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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/

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https://twitter.com/AlanMCole

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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.pdf

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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.

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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/

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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/

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https://twitter.com/solisjesse 

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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#Stability
https://taxfoundation.org/taxedu-video-cannabis/
https://taxfoundation.org/taxedu-video-carbon-tax-explained/

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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/

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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-analysis
https://taxfoundation.org/biden-budget-taxes/
https://taxfoundation.org/biden-tax-fairness/
https://taxfoundation.org/growth-opportunity-us-tax-reform-plan/

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https://twitter.com/ericadyork
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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-families
https://taxfoundation.org/low-income-housing-tax-credit-lihtc/

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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-2023

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On Tuesday, President Biden shared his policy aspirations during the State of the Union address. The commander in chief outlined three tax proposals in his remarks: quadrupling the brand-new excise tax on stock buybacks, instituting a “billionaire minimum tax,” and extending the now-lapsed expanded Child Tax Credit.

Erica York and Alex Muresianu from the federal tax policy team joined Jesse to give a run-down of Tuesday night’s events. They discuss the prospects of major tax changes becoming law in a divided government and what these proposals signal about how President Biden thinks about tax policy as he enters the latter half of his first term.

Links:
https://taxfoundation.org/biden-state-of-the-union-tax-proposals/
https://taxfoundation.org/inflation-reduction-act-stock-buybacks/
https://taxfoundation.org/biden-billionaire-tax-unrealized-capital-gains/
https://taxfoundation.org/child-tax-credit-reform/
https://taxfoundation.org/biden-administration-tax-proposals/
https://www.wsj.com/articles/why-does-the-u-s-tax-code-penalize-r-d-big-tech-innov[…]acturing-production-growth-inflation-silicon-valley-11674415751

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Since 2021, 43 states have provided substantial tax relief for taxpayers and businesses. But this year, a new trend has emerged in the opposite direction: a push for states to tax investment.

From coordinated wealth tax proposals to higher capital gains income taxes, some state legislatures are going after high earners.

Jared Walczak, V.P. of State Projects at the Tax Foundation, joins Jesse to discuss how these measures would affect investment, job creation, and migration between states—and why they’re happening now.

Links:
https://taxfoundation.org/state-wealth-tax-proposals/
https://taxfoundation.org/state-population-change-2022/
https://taxfoundation.org/2023-state-tax-changes/

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It’s a new year. And if one thing is certain, it’s that businesses are facing a lot of uncertainty.

Key parts of the Inflation Reduction Act of 2022 are kicking into effect, including the new book minimum tax.

Erica York, senior economist at the Tax Foundation, joins Jesse to discuss why this policy came into the fold. They discuss if this tax will really stop companies from paying zero in taxes, as the president claims, if the new Republican House will revisit this debate, and what the tax's impact will be on jobs and economic growth.

Links:
https://taxfoundation.org/book-minimum-tax-analysis/
https://twitter.com/ericadyork/status/1610328115393216512
https://taxfoundation.org/federal-tax-lame-duck-2022-midterms/
https://taxfoundation.org/warren-corporate-book-tax/
https://taxfoundation.org/companies-paying-no-income-taxes/
https://open.spotify.com/episode/2b6jGfzvyEbFYicob0YuHn?si=ae929bfae71042bb

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When it comes to international economic competition, people often frame the argument as the U.S. versus China.

But across the Atlantic, nation-states in the European Union have been working hard to show the world that they deserve to be considered an economic force.

Rising up to this challenge for the EU is easier said than done. Sean Bray, EU policy analyst at the Tax Foundation, joins Jesse to talk through the EU's challenges--and potential--when it comes to tax and economic policy.

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Tax Foundation recently announced that Daniel Bunn is our new president and CEO. In this special episode of The Deduction¸ Daniel chats with Jesse about how he got into tax policy. They discuss his time in the Senate, his plans for Tax Foundation’s future, and even his obsession with smoking meats.

Links:
https://taxfoundation.org/staff/daniel-bunn/
https://twitter.com/danieldbunn
https://www.linkedin.com/in/danielbunn

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The 2022 midterm elections are wrapping up, and taxpayers are looking at a divided Congress for the next two years. Senior Policy Analyst Garrett Watson sits down with Jesse at Tax Foundation's headquarters to give a quick analysis of what these elections mean for tax policy. They talk through what we can expect from the approaching "lame-duck" session, what a Republican House and Democrat Senate could find agreement on, and what priorities the upcoming Congress should focus on.

Links:
https://taxfoundation.org/tax-extenders-2022/ 
https://taxfoundation.org/tax-cuts-jobs-act-business-tax-increases/

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If you’ve been following taxes closely these past few months, you know that the UK is currently undergoing a drastic change.

This episode of The Deduction is part one in our ongoing coverage of the UK’s tax battles. Jesse chats with Tom Clougherty, research director and head of tax at the Centre for Policy Studies in London. Tom talks us through what all went down in the UK this fall: from the leadership elections to the countless U-turns the new prime minister has made to try and reform the country’s tax code.

Shortly after we finished recording this episode, news broke that Chancellor Kwasi Kwatern was being ousted, and Jeremy Hunt would take over the Exchequer, with the promise that, yet again, another U-turn would happen on the country’s budget.

While this episode doesn’t get into that turn of events, it is still a very informative start showing how we got here and where the country should go on taxes.

A quick British glossary for this episode—“Bugbear”: a cause of obsessive fear, irritation, or loathing.

Links:
https://www.taxfoundation.org/mailbag
https://cps.org.uk/our-team/tom-clougherty/
https://taxfoundation.org/uk-capital-allowances-super-deduction/
https://taxfoundation.org/2022-international-tax-competitiveness-index/

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From the Tax Cuts and Jobs Act in 2017 to the Inflation Reduction Act signed into law just this summer, lawmakers across the political spectrum are often tempted to implement temporary tax reforms.

But is this how tax policy should be done?

Garrett Watson joins Jesse to discuss the pros and cons of writing tax laws that have an end date and why we find ourselves having a debate at the end of each year about so many temporary provisions.

Links:
https://taxfoundation.org/making-the-tax-cuts-and-jobs-act-individual-income-tax-provisions-permanent/
https://taxfoundation.org/economic-growth-opportunity-tax-reforms/
https://taxfoundation.org/temporary-tax-policies-in-budget-reconciliation/
https://taxfoundation.org/cbo-report-us-gdp-budget-deficit/
https://taxfoundation.org/tax-extenders-expiring-tax-provisions-2021/

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Maine has blueberry taxes. Alabama has mosquito taxes. Each state and county has its tax quirks. But when state and local governments want to raise revenues, there are four key taxes they turn to. Depending on where you live, the differences in these taxes between states can be significant. 

Katherine Loughead, senior policy analyst at the Tax Foundation, joins Jesse Solis to discuss trends we are currently seeing in state and local taxes and to break down how stable these revenue sources are for the places we call home.

Links: 
https://taxfoundation.org/state-local-tax-collections/
https://taxfoundation.org/mailbag

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The Inflation Reduction Act, signed into law recently by President Biden, includes a book minimum tax, which is raising the eyebrows of accountants everywhere.

This new policy–a 15 percent tax applied to the financial statement income that companies report to their investors–is one of the law’s largest revenue raisers and joins plenty of other “minimum” taxes for multinational corporations, including GILTI and the OECD global minimum tax.

Scott Dyreng, a professor of accounting at Duke University, and Daniel Bunn, executive vice president at the Tax Foundation, join Jesse to discuss how these minimum taxes work and, more importantly, how the accounting will work as companies aim to comply with all these new complex rules and tax increases.

Links:
https://taxfoundation.org/inflation-reduction-act/
https://taxfoundation.org/book-minimum-tax-analysis/
https://taxfoundation.org/inflation-reduction-act-minimum-tax/
https://taxfoundation.org/inflation-reduction-act-accelerated-depreciation/

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The Internal Revenue Service (IRS) finds itself under fire often. Outdated technology, millions of unanswered calls, and cafeterias full of paper returns--it's clear that America’s tax collector needs improvement.

In the same way that technology has helped shape the tax policy debate, tech also has a role to play in advancing tax administration.

Jesse is joined by Courtney Kay-Decker and Jared Ballew, chair and vice chair (respectively) of the Electronic Tax Administration Advisory Committee (ETAAC). They discuss ETAAC's annual report that lays out what the IRS is doing right, and what it's doing wrong, as the agency continues to see its duties grow. They also discuss the IRS funding in the Inflation Reduction Act, and define what steps the agency and Congress should take in order to truly keep the IRS focused on serving taxpayers.

Links:
https://www.irs.gov/tax-professionals/electronic-tax-administration-advisory-committee-etaac
https://www.irs.gov/pub/irs-pdf/p3415.pdf
https://taxfoundation.org/inflation-reduction-act/
https://taxfoundation.org/tax-season-reform/
https://taxfoundation.org/inflation-reduction-act-irs-funding/
https://taxfoundation.org/tax-gap/

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The House of Representatives is set to pass the Inflation Reduction Act, the latest iteration of President Biden’s tax and climate agenda.

The road to get to this final package has been anything but easy--with congressional Democrats drastically scaling back the initial $3 trillion Build Back Better agenda.

Garrett Watson joins Jesse to discuss what sacrifices were made by key lawmakers to bring this bill to the finish line. They also look at what the economic impact of this proposal would be as the country continues to face historic rates of inflation.

Links:
https://taxfoundation.org/inflation-reduction-act/
https://taxfoundation.org/tax-on-stock-buybacks/
https://taxfoundation.org/inflation-reduction-act-accelerated-depreciation/
https://taxfoundation.org/inflation-reduction-act-corporate-taxes/
https://taxfoundation.org/book-minimum-tax-analysis/

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After months of stalled negotiations, Sen. Joe Manchin (D-WV) announced that he has reached a deal with Senate Democrat leadership on a reconciliation package.

Called the Inflation Reduction Act, the legislation would raise taxes on corporations and top earners with the goal of funding a number of programs to reduce carbon emissions, address prescription drug costs, and spur the economy.

Garrett Watson joins Jesse Solis to talk through what these tax changes would mean for the economy: Will they reduce inflation, and do they break the President's pledge not to raise taxes on those earning less than $400,000?

Links:
https://taxfoundation.org/biden-corporate-minimum-book-tax/
https://taxfoundation.org/prescription-drug-pricing-reform/
https://taxfoundation.org/tax-gap/
https://taxfoundation.org/tax-reform-options/?option=28

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Technology is moving rapidly--especially when it comes to taxes. With advancements in AI and machine learning, we are seeing technology being utilized in every corner of the tax world.

From policy to filing, from accounting to compliance: technology is truly shaping the future of taxes. Jesse chats with Ben Alarie, CEO of Blue J, and Garrett Watson, Senior Policy Analyst at the Tax Foundation, about how companies are utilizing technology to comply with new innovations in the tax code and how policymakers can use technology to advance tax laws that support an ever-evolving economy.

Links: https://www.bluej.com/
https://taxfoundation.org/overview-tax-foundations-taxes-growth-model/ 

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On July 1st, 2021, over 130 countries agreed to a sweeping overhaul of the global tax system.

This agreement -- on a 15% global minimum tax -- was unprecedented, taking on over a century of how international tax competition has been done.

One year later, the deal appears stuck. Countries are moving ahead with caution before codifying this new tax into their laws.

Daniel Bunn, Tax Foundation's executive vice president, joins Jesse to discuss what this delay means for countries and multinational corporations, and what the path ahead looks like for global tax policy and competition.

Intro: 00:02
Overview: 01:15
Myths and Misconceptions: 12:54
Key Takeaways: 15:45
Outro: 17:50

Links: https://taxfoundation.org/global-minimum-tax-us-international-tax/

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Oil prices have skyrocketed, posing a new risk to the post-pandemic recovery. Feeling the pressure to respond, policymakers have proposed everything from gas tax holidays, tapping into strategic reserves, and even rebate cards. One idea that has crawled back from the dead: “Windfall Profits Taxes.”

This idea is seemingly simple: legislation targeted at the “excess” profits of oil companies. However, as with anything in tax policy, the reality is much more complicated.

But why exactly have windfall profits taxes risen from the grave, and what put them there in the first place? Host Jesse Solis sits down with Tax Foundation policy analyst Alex Muresianu to find out more.

Links: https://taxfoundation.org/windfall-profits-tax-oil-company-profits/

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Amidst soaring inflation, policymakers across the political spectrum proposed many ideas to soften the blow of higher prices—especially for low-income workers and families.

One idea that caught on quickly: sales tax relief on groceries.

The idea had its merits, but Tax Foundation research shows that it may have missed the mark. Tax Foundation Vice President of State Projects Jared Walczak joins Jesse Solis to discuss how grocery sales tax relief became a popular idea, and why it is so hard to nail down progressive vs. regressive tax policy.

Links: https://taxfoundation.org/sales-tax-grocery-tax-exemptions/

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Property taxes are one of the most substantial tax burdens businesses face. In 2020 alone, property taxes accounted for almost 38 percent of all taxes paid by businesses to state and local governments.

These taxes are highly unpopular and can get extremely confusing. But when done right, property taxes can actually be quite good. Janelle Fritts, a state tax policy analyst, joins Jesse Solis to talk through what a well structured property tax should look like, which states have good property tax structures in place and which ones don't, and how these taxes impact a state's competitiveness in an increasingly mobile economy.

Links:
https://taxfoundation.org/ranking-property-taxes-2022/
https://taxfoundation.org/2022-state-business-tax-climate-index/
https://taxfoundation.org/tax-basics/property-tax/

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Amidst bipartisan climate negotiations on Capitol Hill, there have been renewed calls for a carbon tax.

Carbon taxes have long been magnets for political controversy. But from an economic standpoint, they deserve to be taken seriously.

Federal policy analyst Alex Muresianu joins Jesse Solis this week to talk through the history of climate tax policy, how a pro-growth carbon tax could be designed, and what its chances in DC actually are as the climate crisis worsens.

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Episode Description: State lawmakers have been on the move this year. One major trend that has been taking place? A push for flat taxes.

In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year.

Jared Walczak, vice president for state projects, joins Jesse Solis this week to discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.

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President Biden this week released his annual budget. In a letter to lawmakers, the 46th President said that this $5.8 trillion package would “[grow] our economy, while ensuring that the wealthiest Americans and the biggest corporations begin to pay their fair share.”

This week, Garrett Watson joins Jesse Solis to break down what the President is proposing for this upcoming fiscal year. Garrett discusses what the budget could actually means for the policy debate in D.C., as well as what its impact would be on the U.S. economy in the face of record-high inflation.

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Late last year, over 130 countries agreed to a global minimum tax, a purported end-all and be-all to the "race to the bottom."

But this policy is complex, and countries are already struggling to implement these new rules. Daniel Bunn, Vice President of Global Projects, joins Jesse to talk through how this policy came to be, identify where problems are beginning to arise, and dispel some common myths about this emerging new tax system.

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The cost of gas is going up. To address this, policymakers have proposed suspending the gas tax as a way to give taxpayers immediate relief at the pump.

Alex Muresianu, a federal policy analyst at the Tax Foundation, argues that a gas tax holiday could actually make matters worse; that instead of lowering prices and easing inflation, it could have the opposite effect.

He joins Jesse Solis on this week's episode of The Deduction to discuss why suspending the gas tax would be a mistake and what lawmakers could do to help with the rising costs of gas.

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The expanded Child Tax Credit from the American Rescue Plan was touted as a once-in-a-lifetime achievement toward reducing child poverty. But it was passed as a temporary tax measure. Temporary tax policy makes tax filing confusing, and the IRS has shown that it isn’t able to keep pace with being a social administrator and a tax collector.

Senior economist Erica York joins Jesse Solis to discuss what taxpayers need to know about the ever-changing Child Tax Credit and how it may impact taxpayers’ this spring as they continue to file their taxes.

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After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.

Jared Walczak, Vice President of State Projects, joins host Jesse Solis to discuss why exactly states are looking to make so many tax changes now and how these proposals might play out in statehouses.

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The 2022 tax filing season is about to begin. But before the first returns have even been processed, the IRS is warning Americans to prepare for the worst.

With expected delays, pandemic-related troubles, and a backlog of over 8 million unprocessed returns from the 2021 tax filing season, Garrett Watson joins Jesse Solis to discuss what all these troubles will mean for taxpayers in what is shaping up to be a chaotic spring.

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New research shows that the United States had the second largest fiscal response to the COVID-19 pandemic globally. But did this magnitude of stimulus have the economic impact policymakers were hoping for? Alex Durante, economist at the Tax Foundation, joins host Jesse Solis to take a deeper dive into what these fiscal measures actually achieved and what Capitol Hill might do next in response to the omicron variant.

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The House has passed the Build Back Better Act, a multi-trillion-dollar package funding a number of social programs that President Biden has made tenets of his agenda. Its chances are still shaky in the Senate, where Democratic leaders have pressed for urgency while moderates have called for a pause. Senior policy analyst Garrett Watson joins host Jesse Solis to discuss the bill's prospects and what tax changes--ranging from SALT to the Child Tax Credit--could change in order to gain enough support for passage.

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Infrastructure has made its way across the finish line, but the tax debate is far from over on Capitol Hill. Senior policy analyst Garrett Watson joins host Jesse Solis to walk us through the latest iteration of Democrats' trillion-dollar reconciliation package and the myriad tax changes that are being proposed to finance this deal.

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We have a new framework! President Biden and Congressional Democrats introduced a scaled-back proposal of their reconciliation package this week, with House leadership saying they hope to vote on this new trillion-dollar package ASAP.

Senior policy analyst Garrett Watson joins host Jesse Solis to talk through what made it into the deal, what was cut, and what the impact of these tax changes would be.

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As of 2020, there were more active cell phone and wireless plans in the U.S. than there were Americans—about 448 million, to be precise. The taxes on those plans brought in approximately $11.3 billion and constituted a record 24.96 percent of the cost of an average cell phone bill.

One thing is clear, these increasing taxes aren't being used to fund fewer robocalls, so what are they for?

On this episode of The Deduction, host Jesse Solis and Tax Foundation excise tax expert Ulrik Boesen discuss why wireless taxes are climbing, the places they're the highest, the consumers they impact the most, and how things can be improved.

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Federal policy is hard. Federal health care policy during reconciliation while governing with razor-thin margins is really, really hard. This week, senior economist Erica York joins host Jesse Solis to break down the debate on Capitol Hill over drug pricing. They discuss why this policy found its way into the $3.5 trillion reconciliation package and what the tradeoffs would be of having the federal government set prescription drug prices.

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The reconciliation process on Capitol Hill is underway. Senior policy analyst Garrett Watson joins host Jesse Solis this week to give an update on where the package stands. The two also talk through recent Tax Foundation modeling of the proposal, which found that the plan may not have the economic boost its proponents have claimed.

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Reconciliation. One word that drives D.C. crazy, yet has been the way some of Congress’s most monumental bills have become law.

On this episode, host Jesse Solis is joined by federal tax policy experts Erica York and Garrett Watson to discuss why this complex budget process is back in the mix as Congress gears up to advance President Biden’s multi-trillion-dollar tax agenda.

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The quick-moving world of cryptocurrency can be confusing and, at times, comical.

On this episode of The Deduction, join Tax Foundation's Jesse Solis, Garrett Watson, and Alex Muresianu as they dive down the rabbit hole of cryptocurrency taxation.

How should policymakers view crypto in the first place—as an asset, like stocks, or as a currency? How big is the issue of tax evasion in the cryptocurrency market and what can realistically be done to curb it? Is it possible to design a rational tax system around what, at times, can appear to be a less-than-rational market and, if so, what should it look like?

Tune in to find out.

Look Busy by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license (https://creativecommons.org/licenses/by/4.0/).

Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100172

Artist: http://incompetech.com/

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Increasing enforcement of existing laws instead of increasing taxes is an appealing way to raise revenue.

But would stronger enforcement have costs for law-abiding taxpayers too? 

On this episode of The Deduction, host Jesse Solis and Federal Policy Analyst Alex Muresianu discuss the tax gap, what it is, how the U.S. compares to other countries, and recent proposals aimed at closing it.

They also explore how much revenue could actually be raised through increased tax enforcement, the current challenges the IRS faces, and how stronger enforcement could impact taxpayers at large.

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As final state revenue figures come in for fiscal year 2021, many states are finding they are in a much healthier position than they ever would have anticipated this time last year.

And as a result, a remarkable trend has emerged: so far in 2021, eleven states have responded by reducing income tax rates and making related structural reforms.

On this episode of The Deduction, host Jesse Solis and Senior Policy Analyst Katherine Loughead explore how stronger-than-expected revenues and increased workplace flexibility have led to a wave of reforms aimed at enhancing tax competitiveness in states around the country. 

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If you've read any headlines in the last few months,  you've no doubt heard about the semiconductor shortage gripping global supply chain—and if you've tried to buy anything from a toaster to a car, you've witnessed it firsthand.

But what's really driving today's crisis, can the U.S.  manufacture its way out of it,  and what role does tax and economic policy have to play in all this?

On this episode of the Deduction, Jesse Solis talks to Tax Foundation Economist Erica York about the complicated world of semiconductor manufacturing and all the ways policymakers should (and shouldn't) respond to today's challenges.

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One of the hottest topics in the tax world today is the recent announcement by G7 finance ministers that they would support enacting a new, 15 percent global minimum tax.

On this episode of The Deduction, Scott Hodge is joined by Tax Foundation's Daniel Bunn and Elke Asen to discuss this agreement and answer an important question: how much weight does it really carry?

We dive into the economic and political implications of a 15-percent global minimum tax, how such a tax would impact global economies, revenues, and real people, and what the path forward looks like.

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Across the U.S., policymakers of both parties have developed a strong interest in taxing large technology companies through digital advertising taxes, social media taxes, and data taxes.

What is notably absent is any consistent rationale for these new proposals. 

On this episode of the Deduction, Tax Foundation's Daniel Bunn and Jared Walczak untangle the complex and sometimes contradictory world of state digital taxes.

Learn more about the legal difficulties, administrative challenges, and economic inefficiencies this emerging area of state tax policy faces.

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Policymakers in Washington are edging closer to a deal on an infrastructure package. But while many believe it will be an economic boon to workers across the country, one provision tucked deep into the American Jobs Plan could jeopardize jobs across the country. 

On this episode of The Deduction, we speak with Pam Olson, Tax Foundation Board Member and Consultant on Tax Policy Services at PwC, about the tax on Global Intangible Low Tax Income, or “GILTI."

In 2017, GILTI was implemented as a minimum tax designed to disincentivize U.S. companies from shifting profits overseas, but it doesn't work how drafters intended, and now President Biden has proposed doubling it.

Learn more about this niche international policy and its deceivingly large impact on U.S. competitiveness and the economy.

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Tax Foundation President Scott Hodge is joined by Senior Policy Analyst Ulrik Boesen to discuss the taxation of cannabis (marijuana).

The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. New York recently became one of the latest states to legalize it.

Join us as we dive into the complex world of marijuana taxation and explain how policymakers should approach designing such taxes.

Creative Commons Attribution:  "Richard Strauss: Also Sprach Zarathustra” by Kevin MacLeod

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Senior Policy Analyst Ulrik Boesen joins Tax Foundation President Scott Hodge discuss and explore the wide and varied world of excise taxation.

Marijuana, betting,  soda, ride-sharing—over the last decade, the excise tax family has grown significantly and it's more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.

Learn about the history of excise taxes, how they impact government revenues and the economy, and where we see today's trends leading in this episode of The Deduction.

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Tax Foundation President Scott Hodge is joined by economist Erica York and Senior Policy Analyst Garrett Watson to answer a question U.S. policymakers have been asking for decades: how should we tax research and development (R&D)?

R&D is more important than ever as pharmaceutical companies and governments around the world invest in coronavirus research and supply chains.

But are the policies currently on the books—the R&D credit and immediate deduction for R&D expenses (soon to be amortized over 5 years)—the best way to encourage innovation? 

What other tools do policymakers have at their disposal and what does the future hold for the taxation of R&D in America?

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Tax Foundation President Scott Hodge interviews Ken Kies, former Chief of Staff for the Joint Committee on Taxation (JCT) from 1995 to 1998.

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Economist Erica York joins Scott Hodge, President Emeritus and Senior Policy Advisor at the Tax Foundation, to discuss one of the most misunderstood issues in tax policy: tariffs.

Depending on your perspective, tariffs are either a great way to tax countries like China for their protectionist trade policies or they are a big reason why all those imported toys, clothing and holiday gifts cost more than you expected.

You'll learn what tariffs are, how they function, and how they can impact the domestic U.S. economy.

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Rohit Kumar, principal and leader of PwC's Washington National Tax Services Tax Policy Services group in Washington, D.C., joins Tax Foundation President Scott Hodge to discuss the congressional budget reconciliation process: what it is, how it works, and the role that politics will play in it for the 117th Congress as well as President Biden's policy agenda.

Prior to joining PwC, Mr. Kumar served in a number of distinguished government positions. He worked in close collaboration with three Senate leaders-- including 11 years with Senate Republican Leader Mitch McConnell, for whom he served as Domestic Policy Director and Deputy Chief of Staff.

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The digitalization of the global economy has brought with it increased opportunity and connectedness, but also new business models that elude existing tax structures.

Over the last several years, policymakers in countries around the world have groped for new ways to tax e-commerce, social media, cloud-based, and other online businesses, in some cases stoking major international trade disputes in the process.

In this episode of The Deduction, we explore the “digital services tax” (DST), one new and increasingly popular policy designed to address the digital economy.

Tax Foundation V.P. of Global Projects Daniel Bunn joins President Scott Hodge to explore what DSTs are, who pays them, why they’re being considered, and all the new challenges they present.

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What is driving the downward trend in corporate tax rates and will it continue? Is it truly a "race to the bottom?" Why do corporate tax rates matter in the first place? How does the U.S. rate compare and could that change in the coming years?

Tax Foundation Policy Analyst Elke Asen joins President Scott Hodge to discuss the latest data on corporate tax rates around the world. 

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On this episode, we take a more personal look at taxes and particularly their effects on small businesses and entrepreneurs facing the challenges of the COVID-19 pandemic.

Over the past eight months, the U.S. has seen tens of thousands of small businesses close their doors, and we think it's important for us to do our part to highlight the role that tax policy can play in supporting small businesses and clearing a path to a post-pandemic economic recovery.

We recently sat down with the owners of Black Narrows Brewing Company, a family-owned craft brewery situated in a small island-town on Virginia’s scenic Eastern Shore, to discuss the challenges they face as a small business during COVID-19 and what they would like to see legislators do to reduce short- and long-term barriers for entrepreneurs.

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What do election results mean for the future of the federal tax code? What role will tax policy play in curbing the economic effects of the COVID-19 pandemic? How should policymakers address the federal deficit and could a carbon tax be part of that solution? How much of President-elect Joe Biden's pre-election tax plan will actually come to pass?

Tax Foundation President Scott Hodge and special guest, Doug Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, offer their insight on these and other pressing questions.

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They may not draw as much attention as elections for office, but Election Day 2020 will also feature a number of important votes on tax-related ballot initiatives in states around the country. What are the ballot measures taxpayers should be paying attention to this year and what could they mean for the future of state tax policy? Tax Foundation Vice President of State Projects Jared Walczak and Senior Policy Analyst Katherine Loughead break down measures ranging from recreational marijuana legalization in New Jersey and Montana to income tax increases in Illinois and Arizona. 

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Some post-COVID projections show the highway trust fund running out as early as 2021. Meanwhile, most state gas taxes are losing value every year due to inflation. What can the U.S. do to raise the revenue needed for infrastructure upkeep and accurately internalize the costs associated with road usage? 

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Depending on the outcome of the 2020 presidential election, we could be looking at a very different tax code in the years to come. What tax changes has former Vice President Joe Biden proposed and what would they mean for U.S. taxpayers, businesses, and the overall economy? 

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