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Donald Trump Tax Plan 2024 Details Analysis

Donald Trump Tax Plan Ideas: Details and Analysis

We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts.

12 min read
Modernizing State Sales Tax Reform Options Guide

Modernizing State Sales Taxes: A Policymaker’s Guide

The sales tax is the second-largest source of state tax revenue and an important source of local tax revenue, but decades of base erosion threaten the tax’s share of overall revenue and have prompted years of countervailing rate increases.

72 min read
World War II or WWII US taxation

How World War II Reshaped US Taxation

World War II shaped many aspects of the modern world, including the US tax code. But the dramatic changes to our system that military mobilization required didn’t subside when the fighting finished; they’ve persisted to today.

4 min read
Taxes and interstate migration data from IRS and Census state migration trends show Americans moving to low-tax states 2024 interstate migration by state

Taxes and Interstate Migration: 2024 Update

The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.

8 min read
10 Less Harmful Ways of Raising Federal Revenues

10 Less Harmful Ways of Raising Federal Revenues

If lawmakers are convinced that new revenues must be part of any long-term effort to solve the budget crisis or offset the cost of extending the TCJA, they must choose the least harmful ways of raising new revenues or else risk undermining their efforts by slowing economic growth.

7 min read
Placing Biden Tax Proposals and Trump Tax Proposals in Historical Context Largest Tax Increase and Largest Tax Hike in History and Largest Tax Decrease and Largest Tax Cut in History

Placing Biden and Trump Tax Proposals in Historical Context

From President Biden calling the Tax Cuts and Jobs Act the “largest tax cut in American history,” to former President Trump claiming that Biden “wants to raise your taxes by four times,” the campaign rhetoric on taxes may be sparking some confusion.

5 min read
Full TCJA extension fiscal challenges highlighted by latest CBO projections

Latest CBO Projections Highlight Fiscal Challenge of Full TCJA Extension

While neither full expiration nor a deficit-financed full extension of the TCJA would be appropriate, lawmakers should consider the incentive effects of whichever tax reform they pursue. Because taxes affect the economy, they also affect the sustainability of debt reduction.

3 min read
Tax stability

Unstable Taxes and an Unpredictable Future

When the tax code is stable and predictable, individuals, families, and businesses can set goals for the future and make plans to achieve them.

latest state tax trends and state tax cuts revenue implications include responsible state income tax relief in 2024

Can States Afford Their Recent Tax Cuts?

With state tax revenues receding from all-time highs, there’s been a great deal of handwringing about whether states can afford the tax cuts adopted over the past few years. Given that 27 states reduced the rate of a major tax between 2021 and 2023, is there reason for concern?

4 min read
Considering 2025 tax reform options for 2025, 2026, and beyond for the 2025 tax debate

Considering Tax Reform Options for 2025 (and Beyond)

Given that U.S. debt is roughly the size of our annual economic output, policymakers will face many tough fiscal choices in the coming years. The good news is there are policies that both support a larger economy and avoid adding to the debt.

6 min read
State and local tax collections per capita by state FY 2021

How High Are State and Local Tax Collections in Your State?

Contrary to initial expectations, the pandemic years were good for state and local tax collections, and while the surges of 2021 and 2022 have not continued into calendar year 2023, revenues remain robust in most states and well above pre-pandemic levels even after accounting for inflation.

4 min read
Do taxes affect where people move? Do taxes affect interstate migration?

Taxes and Interstate Migration: 2023 Update

The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.

8 min read
Jeff Bezos Move Undercuts Proposed Washington State Wealth Tax

Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax

Whether tax savings motivated his move or not, the implications for Washington are very real, and serve to illustrate just how dangerous it can be to design tax systems that rely so overwhelmingly on a very small number of taxpayers choosing to stay put.

3 min read
do people really move because of taxes

Do People Really Move Because of Taxes?

What do The Rolling Stones, NFL star Tyreek Hill, and Maryland millionaires have in common? They all moved because of taxes.

4 min read