The economic crisis caused by the coronavirus pandemic poses a triple challenge for tax policy in the United States. Lawmakers are tasked with crafting a policy response that will accelerate the economic recovery, reduce the mounting deficit, and protect the most vulnerable.
To assist lawmakers in navigating the challenge, and to help the American public understand the tax changes being proposed, the Tax Foundation’s Center for Federal Tax Policy modeled how 70 potential changes to the tax code would affect the U.S. economy, distribution of the tax burden, and federal revenue.
In tax policy there is an ever-present trade-off among how much revenue a tax will raise, who bears the burden of a tax, and what impact a tax will have on economic growth. Armed with the information in our new book, Options for Reforming America’s Tax Code 2.0, policymakers can debate the relative merits and trade-offs of each option to improve the tax code in a post-pandemic world.
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![GILTI global minimum tax Treasury Secretary Steven Mnuchin](https://taxfoundation.org/wp-content/uploads/2019/03/Flag-LINKEDIN-e1551471083844-300x158.jpg)
What Happens When Everyone is GILTI?
Secretary Mnuchin, Finance Minister Le Maire, and other tax policy leaders should encourage the OECD and their own research staff to perform serious economic analysis on the alternatives for changing international tax rules before moving forward. It would be quite unfortunate for the world to learn the wrong lessons from U.S. tax reform.
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![North Carolina franchise tax, North Carolina capital stock tax](https://taxfoundation.org/wp-content/uploads/2017/01/north-carolina-300x180.jpg)
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![State sports betting tax revenue, sports betting state tax](https://taxfoundation.org/wp-content/uploads/2019/01/football-300x170.jpg)
![Austria Tax Reform](https://taxfoundation.org/wp-content/uploads/2019/02/Austria-e1550598351964-300x157.png)
Opportunities for Pro-Growth Tax Reform in Austria
Austria needs to pursue comprehensive business and individual tax reform if it wants to remain competitive. Our new guide explores several ways the Austrian government can achieve a simpler, more pro-growth tax code.
10 min read