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Choose Your Own Adventure: Global Minimum Tax Edition

Over the course of the last year, it has become clear that Democratic lawmakers want to change U.S. international tax rules. However, as proposals have surfaced in recent weeks, there are clear divides among various proposals.

5 min read
Deteriorating federal budget deficits highlight need to stabilize federal debt. See federal deficit taxes contextualized amid push to balance the budget

Taxing Decisions, 2021: Minisode 1

We discuss where the reconciliation package on Capitol Hill stands and talk through recent Tax Foundation modeling, which found that the plan may not have the economic boost its proponents have claimed.

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The Good, the Bad, and the Ugly of the Ways and Means Plan

The latest version of the Biden Build Back Better agenda, released last week by the House Ways and Means committee, is dense, with too many provisions to flesh out completely. Here’s a rundown of the good, the bad, and the ugly of it.

7 min read
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Yes, the U.S. Tax Code Is Progressive

As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code.

2 min read
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Wake Me Up when Reconciliation Ends

Reconciliation. One word that drives D.C. crazy, yet has been the way some of Congress’s most monumental bills have become law. We discuss why this complex budget process is back in the mix as Congress gears up to advance President Biden’s multi-trillion-dollar tax agenda.

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House Tobacco Proposals Defy Biden’s Tax Pledge and Undermine Harm Reduction Efforts

House Democrats’ newly released $3.5 trillion tax legislation includes a tax increase on tobacco, nicotine, and vapor products levied on tobacco manufacturers. But ultimately it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase.

6 min read
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Tax Reform and Infrastructure Investment: The Two Theories

The Biden administration does have a point about how some components of the infrastructure bill could put downward pressure on inflation in the long term. However, the taxes chosen to pay for those investments would counteract those effects, by reducing investment and productivity growth.

4 min read
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Reviewing Wyden’s Reconciliation Tax Policy Proposals

Congressional lawmakers are putting together a reconciliation bill to enact much of President Biden’s Build Back Better agenda. Many lawmakers including Senate Finance Committee Chair Ron Wyden (D-OR), however, want to make their own mark on the legislation.

5 min read
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Top Ten Congressional Districts Impacted by Biden Corporate Tax Proposals

The Biden corporate tax plan would disproportionately harm these congressional districts and make the U.S. less internationally competitive. These tax hikes, along with individual tax increases, would also raise taxes on net for 96 percent of congressional districts by 2031 after these temporary credits expire in 2025.

2 min read
Wyden mark-to-market tax proposal. Explore Wyden financial services tax proposals, including Wyden carried interest tax, Wyden derivatives tax, and Wyden hedge funds and private equity tax

Wyden’s Financial Services Tax Proposals Would Put “Mark-to-Market” to the Test

Mark-to-market is not simple to implement, as it involves new administrative and compliance challenges for taxpayers. Mark-to-market levies tax on phantom income, requiring some taxpayers to engage in some degree of liquidation, ultimately suppressing incentives to save and invest. The limited tax revenues that could result from these proposals are not worth the risk.

5 min read
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International Tax Proposals and Profit Shifting

There are many ways the U.S.’s international tax rules could be changed, reformed, improved, or worsened. Reflexively jacking up taxes on U.S. multinationals does not necessarily accomplish the goal of reducing or eliminating profit shifting, and it would in fact worsen it.

6 min read
Claiming 97 Percent of Small Businesses Exempt from Biden Taxes Is Misleading. Fact-checking claim that 97 percent of small businesses wont pay income taxes under Biden tax plan

Claiming 97 Percent of Small Businesses Exempt from Biden Taxes Is Misleading

The Biden administration recently cited an analysis from Treasury claiming that “the President’s agenda will protect 97 percent of small business owners from income tax rate increases.” However, the figure is misleading. To assess the economic effect of higher marginal tax rates, it matters how much income or investment will be affected—not how many taxpayers.

3 min read