Tax Calculator: How the TCJA’s Expiration Will Affect You
Unless Congress acts, Americans are in for a tax hike in 2026.
3 min read
Featured Articles
New Study Finds TCJA Strongly Boosted Corporate Investment
The 2017 Tax Cuts and Jobs Act (TCJA) was the largest corporate tax reform in a generation, lowering the corporate tax rate from 35 percent to 21 percent, temporarily allowing full expensing for short-lived assets (referred to as bonus depreciation), and overhauling the international tax code.
6 min read
Details and Analysis of Making the 2017 Tax Reforms Permanent
Lawmakers will have to weigh the economic, revenue, and distributional trade-offs of extending or making permanent the various provisions of the TCJA as they decide how to approach the upcoming expirations. A commitment to growth, opportunity, and fiscal responsibility should guide the approach.
18 min read
Changing Tax Policy Landscape Will Worsen U.S. Competitiveness
Policymakers on Capitol Hill should prioritize permanent pro-growth policy in the coming years as the economy struggles with inflation and the recovery from the pandemic.
4 min read
Tax Cuts and Jobs Act, Inflation Reduction Act, CHIPS Act: Comparing and Contrasting the New Industrial Policy
While the approaches differ, they share a reliance on similar linkages: new capital investment drives productivity growth, which grows the economy and raises wages for workers.
37 min read
The Impact of GILTI, FDII, and BEAT
The Tax Cuts and Jobs Act of 2017 (TCJA) reformed the U.S. system for taxing international corporate income. Understanding the impact of TCJA’s international provisions thus far can help lawmakers consider how to approach international tax policy in the coming years.
30 min readAll Related Articles
Potential Regulatory Changes in Tax Policy Under the Biden Administration
President Biden may make greater use of regulatory changes to modify how tax law is interpreted and administered. There are several areas where a Biden Treasury Department, likely led by former Federal Reserve Chair Janet Yellen, may focus.
3 min read
No ‘Stealth Tax Hike’ in 2021, but Individual and Business Tax Increases Loom
While there are many tax changes built into the tax code over the coming years for individuals and businesses, the recent claim that lower- and middle-income Americans may see a “stealth tax increase” in 2021 due to the Tax Cuts and Jobs Act (TCJA) is untrue.
3 min read
Prospects for Federal Tax Policy After the 2020 Election
President Biden and Congress should concentrate on areas of common ground, finding incremental places to improve the tax code. A bipartisan bill recently introduced to help retirement savings is a good model for what incremental reform may look like.
4 min read
A Preliminary Look at 2019 Tax Data for Individuals
The latest IRS data continues to illustrate that the net effect of the Tax Cuts and Jobs Act was to reduce effective tax rates across income groups. In 2019, the TCJA again expanded the use of several deductions and credits, made the standard deduction more favorable than itemizing, and lowered taxes for most taxpayers.
4 min read
How Would Biden’s Tax Plan Change the Competitiveness of the U.S. Tax Code?
While the Biden campaign is certainly focused on increasing taxes on U.S. businesses and high-income earners, it is important that policymakers also understand what that reversal might do to U.S. competitiveness, and the competitive global environment in which U.S. companies and U.S. workers operate.
3 min read
Role of the 2017 Tax Reform in the Nascent U.S. Economic Recovery
While there is still plenty of work to be done to get unemployed Americans back to work, the U.S. economy as a whole is now recovering strongly from the pandemic-induced economic downturn, outperforming forecasts from earlier in the year and outperforming most other developed countries.
4 min read
Reviewing the Commitment to American GROWTH Act
House Republicans recently introduced HR 11, the Commitment to American GROWTH Act, outlining an alternative to Democratic presidential nominee Joe Biden’s tax vision. The proposal would address upcoming expirations of the 2017 Tax Cuts and Jobs Act (TCJA) and create or expand other tax provisions designed to boost domestic investment.
5 min read
Congressional Budget Office Releases 2017 Data on Household Income and Tax Burdens
Contrary to the perceptions of some, new data indicate that (1) income earned after taxes and transfers has increased over the past several decades for all income groups; (2) the federal tax system is increasingly progressive; and (3) that system relies heavily on higher earners to raise revenue for government services and means-tested transfers.
3 min read
A Carbon Tax to Make the TCJA’s Individual Provisions Permanent
Making the Tax Cuts and Jobs Act’s individual provisions permanent combined with a carbon tax can be a revenue-neutral trade and increase the long-run size of the economy by 1 percent, making it a sustainable pro-growth option.
23 min read
President Trump Outlines Second Term Tax Ideas
Broad themes of the president’s agenda include providing tax relief to individuals and tax credits to businesses that engage in desired activities, while the status of expiring TCJA provisions and tariffs seems uncertain.
4 min read
Reviewing Joe Biden’s Tax Vision
Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with more generous provisions for specific activities and households.
4 min read
