Stay informed with quick and accessible analysis of today's top tax policy topics. Read Tax Foundation's Tax Policy Blog for insight from our experts on tax policies across the U.S. and abroad.
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California’s plan to circumvent the new state and local tax deduction cap is dubious, but now Illinois, Nebraska, Virginia, and Washington are considering similar plans.
3 min read
The U.S. Supreme Court has agreed to take South Dakota v. Wayfair Inc., which could result in a ruling that settles the years-long debate over how to apply sales taxes to online retail activity.
1 min read
As Mississippi policymakers contemplate a lottery, it may be tempting to think of it as free money—new revenue raised without having to adopt a new tax. A better way of thinking about the issue, however, would recognize the lottery for what it is: a regressive form of high implicit taxation.
3 min read
Though the focus has been on the Tax Cuts and Jobs Act, there are other federal changes that took place on January 1, 2018 which are also worth reviewing.
3 min read
While rumors flew around Washington in the fall that the Tax Cuts and Jobs Act would dramatically impact retirement savings accounts, the plan has made only a few minor modifications.
3 min read
The tax bill will boost investment and incomes in the United States, and make the country a better place to locate production and hiring. There will be a transitory rise in the trade deficit, but in the context of a stronger, faster-growing economy.
5 min read
With the Tax Cuts and Jobs Act, Congress took a historic step toward rewriting the U.S. tax code for the first time since 1986.
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For policymakers in most states, the fact that the pass-through deduction doesn’t affect AGI should come as a relief. For those in the six states which use federal taxable income as their starting point for conformity, decoupling from the provision is an entirely viable option.
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How would the Tax Cuts and Jobs Act impact different households? Check out our sample taxpayers to see what would change if the bill is enacted.
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According to the Tax Foundation’s Taxes and Growth Model, the Tax Cuts and Jobs Act would lead to a 1.7 percent increase in GDP over the long term, 1.5 percent higher wages, an additional 339,000 full-time equivalent jobs, and cost $1.47 trillion on a static basis and by $448 billion on a dynamic basis.
2 min read