The increased senior deduction with the phaseout would deliver a larger tax cut to lower-middle- and middle-income taxpayers compared to exempting all Social Security benefits from income taxation and would not weaken the trust funds as much. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bills without boosting long-run economic growth.
3 min read
Lawmakers are right to be concerned about deficits and economic growth. The best path to address those concerns is to ensure OBBB provides permanent full expensing of capital investment, avoids inefficient tax cuts, and offsets remaining revenue losses by closing tax loopholes and reducing spending.
8 min read
Expanding and updating the US tax treaty network—both by forging new agreements and modernizing existing ones—is vital to maintaining the country’s competitiveness in a rapidly evolving global tax landscape.
4 min read
Summer has arrived, and states are beginning to implement policy changes that were enacted during this year’s legislative session (or that have delayed effective dates or are being phased in over time).
28 min read
Our experts are providing the latest details and analysis of proposed federal tax policy changes.
14 min read
Our preliminary analysis of the Senate Finance tax plan finds the major tax provisions would increase long-run GDP by 1.1 percent and reduce federal tax revenue by $4.7 trillion over the next decade.
9 min read
2025 Tax Brackets
Facts & Figures 2025: How Does Your State Compare?
Summary of the Latest Federal Income Tax Data, 2025 Update
State and Local Sales Tax Rates, 2025
State Individual Income Tax Rates and Brackets, 2025
Corporate Tax Rates Around the World, 2024
Top Personal Income Tax Rates in Europe, 2025
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Commentary
See All CommentaryNew Jersey Taxpayers Deserve Tax Relief
New Jersey’s residents deserve tax relief, and the state must stem the tide of out-migration. Affordable reforms in the near term could pave the way for more sweeping, and competitive, reforms to take root in the future.
Breaking Down the Senior Deduction in the One, Big, Beautiful Bill
The House-passed reconciliation bill leaves out Trump’s promise to eliminate taxes on Social Security benefits, opting instead to expand the standard deduction for seniors.
Trump’s Policies Deal a Double Blow to Tax-Cutting States
President’s Trump’s policies would throw high-tax states a life raft as they swim against the tide—before potentially hitting all states with a tariff-induced economic tsunami that could force lawmakers’ hands and reverse recent tax relief.
Rhode Island Should Not Imitate Massachusetts’ Tax Mistakes
Rhode Island lawmakers are debating raising the state’s top income tax rate. Though billed as a tax hike on high earners, the consequences would manifest across the state’s entire economy—creating a risk that Rhode Island will tax its way into uncompetitiveness.
Senators Must Hold Down the SALT Cap
As the Senate considers next steps for the House-passed “big, beautiful” tax bill, the battle lines have been drawn for a showdown over the state and local tax (SALT) deduction.
States Lose When Credit Unions Acquire Banks
Unlike banks, credit unions remain exempt from most taxes. The credit union tax exemption doesn’t make dollars, and now, it doesn’t make sense.
One, Big, Beautiful Bill: The Good, the Bad, and the Ugly
Are Trump’s Tariffs Legal? Here’s What the Courts Say
A Tax War That Makes Americans Poorer
Where the Republican Tax Bill Falls Short
The One Big Beautiful Bill, Explained
Testimony: The Inflation Reduction Act’s Green Energy Tax Credits