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Budget Reconciliation

Explore our research and analysis of the various tax proposals in the latest budget reconciliation bill.
 

 

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Lawmakers debate permanent bonus depreciation reform options including permanent full expensing and other cost recovery improvements manufacturing economy us workers

Expensing: It Pays to Be Permanent

As lawmakers work through the reconciliation process, permanently enacting improvements to deductions for capital investment and research and development (R&D) costs will create an economically powerful package.

7 min read

Behind the Numbers: Budget Shenanigans and the National Debt

What happens to your taxes when the Tax Cuts and Jobs Act expires on January 1, 2026? In this episode, we explore the potential tax hikes facing millions of Americans and the debate over measuring the budgetary impacts of extending tax cuts.

Extending tax cuts budgetary impact 2017 tax law Tax Cuts and Jobs Act policy baseline vs law baseline

All About That Base(line)

If lawmakers are serious about pro-growth policies and fiscal responsibility, they will need to put policies forward that achieve those goals. Simply adjusting the baseline doesn’t reduce actual deficits in the coming years.

7 min read
Trump Tax Cuts, Tariffs, and Reconciliation After the 2024 Election

Questions About Tax Cuts, Tariffs, and Reconciliation After the Election

Fiscal pressures are likely to weigh heavily on lawmakers as they craft a tax reform package. That increased pressure could result in well-designed tax reform that prioritizes economic growth, simplicity, and stability, or it could encourage budget gimmicks and economically harmful offsets. Lawmakers should avoid the latter.

8 min read
Apollo 11 Moon Space Race Industrial Policy Cost

Space Race and the Cost of Industrial Policy

Project Apollo achieved its clear objective to put a man on the moon. But not all government spending projects are so simple (that is, if you consider flying a spaceship to the moon simple).

3 min read
corporate alternative minimum tax corporate amt or corporate minimum tax build back better additional relief for coronavirus, additional stimulus payments

It Would Be a Mistake to Resurrect Corporate Alternative Minimum Tax

The Inflation Reduction Act may be smaller than the proposed Build Back Better legislation from 2021, but both sets of legislation propose a reintroduced corporate alternative minimum tax (AMT). The 30-year experience with a corporate AMT shows it is not a good solution.

4 min read
Inflation Reduction Act minimum tax or Inflation Reduction Act corporate minimum tax Biden OECD tax proposals hurt FDI Ways and Means proposal profit shifting, federal corporate income tax liabilities under Ways and Means profit shifting proposal

How Does the Inflation Reduction Act Minimum Tax Compare to Global Minimum Tax?

Over the course of the last year, it has become clear that Democratic lawmakers want to change U.S. tax rules for large companies. However, as proposals have been debated in recent months, there are have been clear divides between U.S. proposals and the global minimum tax rules.

6 min read
Federal cigarette tax harm reduction efforts, federal cigarette tax proposal House Democrats tobacco tax New Year's Resolutions for tax policymakers. New Year's Resolutions for tax policy

The Inflation Reduction Act, What to Know

The Inflation Reduction Act would raise taxes on corporations and top earners with the goal of funding a number of programs to reduce carbon emissions, address prescription drug costs, and spur the economy. Garrett Watson joins Jesse Solis to talk through what these tax changes would mean for the economy: Will they reduce inflation, and do they break the President’s pledge not to raise taxes on those earning less than $400,000?