President Trump has recently floated the idea of imposing tariffs of up to 250 percent on pharmaceuticals, with the intention of shifting pharmaceutical production to the US. These tariffs would not only drive drug prices higher but could also lead to shortages and reduce long-run drug innovation.
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We estimate the OBBBA will reduce federal taxes on average for individual taxpayers in every state. Across all individual tax filers throughout the US, the average tax cut per taxpayer will be over $3,700 in 2026.
4 min read
While the One Big Beautiful Bill Act tries to buoy manufacturing, President Trump’s tariffs are an anvil dragging the sector down.
Fuel taxes continue to be a central policy consideration for European countries amid geopolitical conflicts, increased emphasis on environmental policy, and economic conditions experienced by average consumers.
5 min read
Even if tobacco tax increases generate more revenue in the short run, the shrinking tax base guarantees long-run revenue declines.
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The OBBBA moved the US international tax system in the right direction on several fronts. However, some of the changes, while encouraging certain domestic activity and exports, may harm physical activity abroad that supports US competitiveness and domestic activity.
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Growing cigarette tax levels and differentials have made cigarette smuggling both a national problem and a lucrative criminal enterprise.
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Though high schools will continue to teach the next generation about civics, English, and math, one critical topic remains missing from many classrooms: taxes.
As US businesses and consumers face higher costs of goods due to the Trump tariffs, Senator Hawley (R-MO) has introduced legislation to rebate tariff revenue to provide financial relief. The proposal takes a similar approach to the stimulus checks issued during the COVID-19 pandemic.
4 min read
The One Big Beautiful Bill Act (OBBBA) significantly alters the Inflation Reduction Act (IRA) green energy subsidies.
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For Congress, work on the One Big Beautiful Bill Act is done. But in state capitols, the work has not yet begun. Many of the tax changes in the federal reconciliation act flow through to state tax codes—automatically in some states, and subject to an update in states’ Internal Revenue Code conformity date in others.
39 min read
Michigan voters may soon consider a dramatic change to the state’s income tax.
Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences.
6 min read
The Trump tariffs will likely raise the cost of food for Americans, particularly for liqueurs and spirits, baked goods, coffee, fish, and beer.
4 min read
Even when international relations are frayed, there is value in finding ways to combat corporate profit shifting while also fostering a healthy commercial atmosphere and positive trade relations.
7 min read
Rather than adopt temporary policies that phase out and expire, policymakers should focus their efforts on long-term reforms to support investment.
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Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
24 min read
This past spring, DC taxpayers were sidelined when the Washington Commanders announced that city aid would help fund a new stadium on the site of the vacant RFK Stadium. The $4 billion deal will be offset by a staggering $1.15 billion in public revenue.
However states choose to respond to other tax provisions of the One Big Beautiful Bill Act, they should conform to the pro-growth provisions, which represent a marked improvement in the corporate tax code.
12 min read
However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
16 min read