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Reducing spending in the tax code tax expenditures could help pay or raise trillions for 2025 tax reform

Cleaning Up the Tax Code Could Raise Trillions for Tax Reform

As Republicans look for ways to offset the budgetary cost of extending the expiring provisions of the Tax Cuts and Jobs Act (TCJA) and potentially enacting other tax cuts, the latest estimates indicate several trillion dollars could be raised by reducing tax credits and other preferences in the tax code.

5 min read

Trump’s Tariff War Returns

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.

Trump tariffs Trump trade war tracking economic impact tax foundation analysis

Trump Tariffs: Tracking the Economic Impact of the Trump Trade War

Trump’s new tariffs on Mexico, Canada, and China would rank as the largest tax increase since 1993 and the 8th largest peacetime tax increase since 1940. We estimate the new tariffs would shrink economic output by 0.4 percent and increase taxes by $1.1 trillion, amounting to an average tax increase of more than $800 per US household in 2025.

20 min read
2025 sales tax rates by state sales taxes

State and Local Sales Tax Rates, 2025

Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 24 percent of combined state and local tax collections.

15 min read
EU VAT policy including EU VAT revenue and EU VAT compliance report

The EU’s Questionable VAT Policy

In a recent survey regarding companies’ barriers to conducting business in the EU single market, VAT ranked first. Policymakers should invest in reforming VAT systems to close both compliance and policy gaps in ways that improve the overall efficiency of their tax systems.

7 min read
Lawmakers debate permanent bonus depreciation reform options including permanent full expensing and other cost recovery improvements manufacturing economy us workers

Expensing: It Pays to Be Permanent

As lawmakers work through the reconciliation process, permanently enacting improvements to deductions for capital investment and research and development (R&D) costs will create an economically powerful package.

7 min read