President Biden Outlines Vision for Higher, More Complicated Taxes in State of the Union Address and FY 2025 Budget
President Biden’s FY 2025 budget amounts to a gross tax hike exceeding $5.1 trillion over 10 years.
11 min readPresident Biden’s FY 2025 budget amounts to a gross tax hike exceeding $5.1 trillion over 10 years.
11 min readTax-preferred private retirement accounts often have complex rules and limitations. Universal savings accounts could be a simpler alternative—or addition—to many countries’ current system of private retirement savings accounts.
19 min readFor most Americans, saving is a taxing experience. Our neighbors to the north have found a better solution—and U.S. lawmakers should take note.
5 min readCredit unions’ privileged status as tax-exempt nonprofit organizations may have filled a market need during the Great Depression, but 90 years later, there is no longer a justification to subsidize these institutions.
With Secure 2.0, lawmakers recognized and addressed several flaws in the tax code’s treatment of saving and retirement, but there is continued work to be done simplifying and expanding savings and retirement options for taxpayers.
5 min readAmericans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.
The uncertain future of American finances in a time of potential economic instability points to the need for tax reforms that encourage individuals to save and build financial security in a relatively simple way, such as through universal savings accounts.
5 min readThe federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way.
42 min readReviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.
9 min readTax reform should be about increasing fairness. And the way to get there is by reducing complexity and double taxation, not by doubling down on them.
5 min readAs Kansas legislators consider additional tax policy changes this legislative session, they should prioritize economic growth and a structurally sound tax code.
7 min readPresident Biden’s new budget proposal outlines several major tax increases targeted at businesses and high-income individuals that would bring U.S. income tax rates far out of step with international norms.
7 min readWhen peeling back layers of the JCT report, it becomes clear that many tax expenditures are not “loopholes” or benefits for narrow special interests, but important structural elements of the tax code.
6 min readThe year-end omnibus federal spending package makes a number of reforms to retirement savings accounts.
3 min readTwo weeks after the 2022 midterm elections, it’s becoming clearer where tax policy may be headed for the rest of the year and into 2023. In the short term, Congress must deal with tax extenders and expiring business tax provisions that may undermine the economy.
5 min readThe Social Security Administration (SSA) announced the cost-of-living adjustment for Social Security payments based on inflation over the previous year. This has brought renewed attention to how the tax code treats Social Security benefits, which can be a confusing subject for taxpayers.
3 min readThe Inflation Reduction Act calls for a new 1 percent excise tax on stock buybacks, the argument being it would be better for the economy if firms invested their surplus cash in the business, rather than returning this value to shareholders.
3 min readReviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.
10 min readThe proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
3 min readBy reducing the tax code’s current barriers to investment and saving and simplifying its complex rules, lawmakers would greatly enhance the ability of Americans to pursue new ideas, create more opportunities, and build financial security for themselves and their families.
40 min read