5 Major Tax Debates in 2025: Global Tax Deal, Tax Cuts, and Tariffs

What are the biggest taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. stories shaping policy today—and what do they mean for you? In our 100th episode, we break down the five biggest tax debates, from the global tax deal to the looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA).

Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO of Tax Foundation, and Garrett Watson, Director of Policy Analysis. We also dive into the Inflation Reduction Act, the CHIPS and Science Act, the rise of flat taxes in states, and the role of tariffs in tax policy.

Links

- Tracking the Economic Impact of the Trump Trade War See more
- Understanding the Property TaxA property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment. Property taxes are the single largest source of state and local revenue in the U.S. and help fund schools, roads, police, and other services. See more
- Four Paths for InflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. Reduction Act Reforms See more
- The Latest on the Global Tax Agreement See more
- The State Flat TaxAn income tax is referred to as a “flat tax” when all taxable income is subject to the same tax rate, regardless of income level or assets. Revolution: Where Things Stand Today See more
- Making the Tax Cuts and Jobs Act Permanent: Economic, Revenue, and Distributional Effects See more