Garrett Watson Tax Foundation
Expert

Garrett Watson

Director of Policy Analysis

Garrett Watson is Director of Policy Analysis at the Tax Foundation, where he conducts research on federal and state tax policy. His work has been featured in The Washington Post, The Atlantic, Politico, the Associated Press and other major outlets.

Previously, Garrett was a program manager at a nearby think tank and conducted policy research on economic opportunity and labor markets, including non-compete clause reform.

Garrett earned a bachelor’s degree from St. Lawrence University in upstate New York, where he studied economics and philosophy. Garrett lives in northwest Arkansas and is an avid hockey fan and snowboarder.

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Latest Work

We are living in an age of hyperbole, or as writer Matthew Hennessey calls it, the “Age of Excusability,” in which our politicians succeed by making outlandish claims. So it goes with the One Big Beautiful Bill, which will usher in a new golden age or send us down the tubes for good, depending on your sources.
Testimony

Testimony: The Impact of the 2025 Reconciliation Law’s Tax Changes on Small Businesses and Lessons for Future Tax Reform

Policymakers should broaden and make permanent full expensing for additional asset classes and pursue structural reforms that reduce distortions in how businesses are taxed. A more consistent and predictable policy environment, paired with targeted improvements to loss treatment, R&D incentives, and compliance burdens, would give small business owners greater confidence to invest, hire, and grow.

Tax reform policy debate 2026, Trump tariff policy
Op-eds

In 2026, Both Parties Are Dodging the Truth on Taxes

As the policy debate for the next presidential election begins to take shape, both sides need to be honest about their plans for addressing the actual challenges our country faces.

Historical corporate tax rates and brackets. Explore the latest data on historical federal corporate income tax rates and brackets. Corporation tax rates history
Blog
Short Form

Why Is My Tax Refund Larger This Year?

If you’ve filed your taxes already, you may have noticed a larger refund this year. That’s due to changes Congress made with the One Big Beautiful Bill Act (OBBBA) last year that retroactively cut taxes for 2025.

3 min read
Big Beautiful Bill Tax Plan and Senate GOP Tax Plan: Details & Analysis of 2025 Trump Tax Cuts
Research

One Big Beautiful Bill Act Tax Policies: Details and Analysis

Our analysis of the major tax provisions included in the OBBBA finds it will increase long-run GDP by 0.7 percent. The major tax provisions will reduce federal tax revenue by nearly $5.2 trillion between 2025 and 2034, on a conventional basis.

12 min read
Federal tobacco tax proposal state taxes Build Back Better Act Biden American Families Plan proposal to tax unrealized capital gains at death, taxing unrealized gains death proposal, capital gains at death policies tax refund tax refunds tax cut 2018 tax season tax filing
Blog

Tax Refunds and the One Big Beautiful Bill Act

When taxpayers file their 2025 tax returns in 2026, many will see larger refunds than in recent years. That’s due to the One Big Beautiful Bill Act (OBBBA), which reduced individual income taxes for 2025 by an estimated $129 billion.

4 min read
2026 tax brackets
Data

2026 Tax Brackets

Explore the IRS inflation-adjusted 2026 tax brackets, for which taxpayers will file tax returns in early 2027.

5 min read
tax and financial illiteracy in america
Blog
Short Form

What the OBBBA Individual Tax Changes Mean for You

The recently enacted One Big Beautiful Bill Act (OBBBA) is certainly big, but is it “beautiful”? Many provisions in the OBBBA will have noticeable impacts on individual taxpayers, including some that are beneficial to your wallet.

4 min read
US federal fiscal system is progressive and redistributive tax and spending
Blog

Federal Tax System Remains Highly Progressive After the OBBBA

The 2017 Tax Cuts and Jobs Act (TCJA) simultaneously increased tax progressivity and decreased redistribution in the tax code. Our estimates suggest the OBBBA similarly combines a more progressive tax system with a lower degree of tax redistribution.

4 min read
The One Big Beautiful Bill Act Creates Unequal Tax Treatment for Gambling Losses
Blog

The One Big Beautiful Bill Act Creates Unequal Tax Treatment for Gambling Losses

In a surprising tax code alteration that has frustrated Americans who enjoy gambling, a provision in the One Big Beautiful Bill Act limits gambling losses that can be used to offset gambling winnings to 90 percent of their value. This provision introduces a steep tax penalty for professional gamblers and certain casual bettors.

5 min read
Whats in the big beautiful bill details and who benefits
Podcast

The One Big Beautiful Bill Is Law—Now What?

The One Big Beautiful Bill is now law—but what does it actually do? In this episode, we break down the new tax law’s key provisions, including who benefits, who doesn’t, and what it means for the economy, tax certainty, and the federal deficit.