In this episode, we break down what the OBBBA did, walk through our projections, and zoom out to other defining fights of 2025: Trump’s “Liberation Day” tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.
The worldwide average statutory corporate tax rate has consistently decreased since 1980 but has leveled off in recent years. In the US, the 2017 Tax Cuts and Jobs Act brought the country’s statutory corporate income tax rate from the fourth highest in the world closer to the middle of the distribution.
20 min read
While rising property values and taxes have intensified calls for reform, the reality is that property taxes fund the lion’s share of local services and lack a viable substitute. Excise taxes are far too narrow to fill the gap, and a poor candidate for filling any meaningful portion of it.
4 min read
Many policies, such as minimum wage levels, tax brackets, and means-tested public benefit income thresholds, are denominated in nominal dollars, even though a dollar in one region may go much further than a dollar in another. Lawmakers should keep that reality in mind as they make changes to tax and economic policies.
6 min read
QSBS exclusion distorts business choices by influencing business structure choices, timing of expansion, and investor’s decisions on capital allocation.
5 min read
Instead of implementing new wealth taxes, European policymakers should focus on making the current tax system more efficient and transparent.
Our modeling indicates the One Big Beautiful Bill Act (OBBBA) will boost economic growth but increase deficits, leading to record high debt in 2028 that rises to 124 percent of GDP by 2034.
7 min read
Several states have decoupled from GILTI by name rather than statutory citation. Lawmakers in those states should amend these statutes to ensure that their tax code does not accidentally incorporate a much more aggressive tax on international income than the tax from which they previously decoupled.
6 min read
Public Law 86-272’s vague language, limited scope, and failure to evolve with modern commerce has rendered it increasingly ineffective, burdening businesses with heightened litigation and compliance challenges.
26 min read
To design an effective excise tax policy around smoking tobacco & nicotine products, it is crucial to consider the concept of harm reduction.
6 min read