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.
3 min read
While the One Big Beautiful Bill Act tries to buoy manufacturing, President Trump’s tariffs are an anvil dragging the sector down.
Trump’s 2025 tariffs will hit nearly three-quarters of US food imports, raising prices on products that are often difficult or impossible to produce domestically. Senator Hawley has proposed a rebate program to return some of the revenue to households—but would it actually help?
Even if tobacco tax increases generate more revenue in the short run, the shrinking tax base guarantees long-run revenue declines.
7 min read
They’re popular, highly visible, and marketed as tax relief—but research shows sales tax holidays are inefficient, create compliance headaches, and often miss the mark for the taxpayers they’re meant to help.
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.
8 min read
Growing cigarette tax levels and differentials have made cigarette smuggling both a national problem and a lucrative criminal enterprise.
6 min read
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.
6 min read