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The increased senior deduction with the phaseout would deliver a larger tax cut to lower-middle- and middle-income taxpayers compared to exempting all Social Security benefits from income taxation and would not weaken the trust funds as much. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bills without boosting long-run economic growth.
3 min read
Lawmakers are right to be concerned about deficits and economic growth. The best path to address those concerns is to ensure OBBB provides permanent full expensing of capital investment, avoids inefficient tax cuts, and offsets remaining revenue losses by closing tax loopholes and reducing spending.
8 min read
Expanding and updating the US tax treaty network—both by forging new agreements and modernizing existing ones—is vital to maintaining the country’s competitiveness in a rapidly evolving global tax landscape.
4 min read
If Michiganders are interested in increasing the state’s spending on education or other priorities—and believe that current revenues are insufficient to support such an increase—there are several ways to do so without significantly affecting residents’ incentives to live and work in Michigan.
4 min read
The Senate draft overall makes more changes to international tax policy than the House draft. On net the changes are positive.
8 min read
Senate Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions, following broadly similar legislation put forward by House Republicans.
7 min read
The Senate’s version of the OBBB restores the benefit of avoiding the SALT deduction cap with PTETs for all pass-through businesses, while placing new limits on the extent of the workarounds.
6 min read
Tax Foundation Europe’s Sean Bray had the opportunity to interview Dr. Stefanie Geringer, a postdoctoral researcher at the Faculty of Law at the University of Vienna and Masaryk University Brno, a certified tax advisor and manager of tax at BDO Austria, about the future of the EU tax mix.
14 min read
If Illinois’ budget is enacted as-is, Illinois will newly tax 50 percent of Global Intangible Low-Taxed Income (GILTI) as of tax year 2025, retroactively increasing tax burdens for US businesses and further hindering Illinois’ business tax competitiveness.
7 min read
Senator Ted Cruz’s (R-TX) CREATE JOBS Act prioritizes permanence for the most cost-effective tax reforms—expensing and Neutral Cost Recovery (NCRS)—to boost growth in a relatively fiscally responsible way.
4 min read
If the federal government really wanted to make saving more accessible for taxpayers, it would swap the proposal for Trump Accounts to replace the complicated mess of savings accounts currently available with universal savings accounts.
4 min read
The final House bill makes impressive cuts to the IRA green energy tax credits, but it does so in part by introducing more complexity.
5 min read
Rather than permanently expanding a complicated, nonneutral tax break, Congress should prioritize permanence for the most neutral and pro-growth policies like bonus depreciation and R&D expensing.
6 min read
The House-passed “One Big Beautiful Bill” includes a new 3.5 percent tax on remittances, or non-commercial transfers of money that people in the US send to people abroad.
7 min read
The House tax and spending bill leaves in place a long-standing provision that exempts credit unions from federal and state income tax, allowing them to compete unfairly with banks and, increasingly, to buy them.
6 min read
Short FormWhen you hear about tax policy, you may think of the IRS, the agency responsible for collecting federal taxes. But who is responsible for drafting, reviewing, assessing, and passing tax legislation at the federal level?
4 min read
Tax Foundation Europe’s Sean Bray had the opportunity to interview Dr. Dominika Langenmayr, Professor of Economics at Catholic University of Eichstätt-Ingolstadt, about the future of the EU tax mix.
15 min read
Instead of doubling down on a shrinking tax base, Ohio lawmakers should instead look towards tax solutions that secure the state’s long-term fiscal health.
4 min read
Between Russia’s war in Ukraine, President Trump’s uncertain policies towards Europe, and Poland’s attempt to increase domestic defense capabilities, raising revenue has become one of the most critical topics in the campaign.
7 min read
The House reconciliation bill includes numerous changes to the tax code: good, bad, and ugly. However, the new corporate alternative minimum tax, or CAMT, goes largely untouched.
4 min read