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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
Summary of the Latest Federal Income Tax Data, 2025 Update

Summary of the Latest Federal Income Tax Data, 2025 Update

New IRS data shows the US federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates. Average tax rates for all income groups remain lower after the Tax Cuts and Jobs Act (TCJA).

6 min read
Social Security crisis insolvency

How the Payroll Tax Base Has Changed Over Time

The Social Security trust funds face looming insolvency if policymakers don’t reform the program. One issue that garners a lot of attention in the debate over solutions is the payroll tax cap.

3 min read
2024 Drug Policy Ballot Initiative, Drug Legalization Results

Momentum Slows for State Drug Legalization Policies via 2024 State Ballot Initiatives

With the significant potential for state revenues, and the prior political success of arguments that legalization can shift consumers to safer legal markets, it seems likely that states will continue to see legislation and ballot initiatives to legalize marijuana at the state level—even states that failed to do so this election.

5 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
Tax Reform Tax Rate Tax Base

Video: Tax Reform Is More Than Just the Rate

Tax policy is almost always a balancing act between the tax rate – how much someone pays – and the tax base – who or what is being taxed.