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The Deduction Podcast

Welcome to The Deduction, a Tax Foundation podcast and your guide to the complicated world of tax and economics.

From the impacts of tariffs and trade wars to debates over who pays and how much, each episode, our experts untangle another aspect of the tax code.

 

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Inflation Reduction Act green energy tax credits including clean vehicle credit and clean electricity tax credit

Tax Ideas for the EU Green Transition

The past few years have brought a renewed push from countries across the globe to combat climate change. In the European Union, policymakers have put a timeline on their climate agenda. By 2050, the EU wants to achieve a net-zero economy. Sean Bray, director of European policy, breaks down how much it would cost to achieve this goal.

What’s Missing from the Tax Burden Debate

When we discuss tax policy, the conversation inevitably turns to who pays, who should pay, and how much they should pay. Unfortunately, the tax burdens debate is often missing a key point: how income transfer programs—like Social Security or Medicaid—affect households’ tax burdens.

Global excise tax trends and global excise tax applications data and research on excise taxes

Exploring Excise Tax Trends

The tax base around the world is shrinking for traditional excise taxes, including taxes on tobacco, alcohol, and motor fuel. But newer excise taxes on things like carbon, cannabis, and ride-sharing are on the rise. What makes a good design for these taxes and where may excise taxes go in the future as the traditional “sin tax” base continues to shrink?

Child Tax Credit Reform Debate Continues Tax Cuts and Jobs Act TCJA Expiration and tax policy trade-offs Family Security Act Mitt Romney and Brookings Hamilton Project

The FairTax?

The FairTax, on paper, sounds simple. But when you pull back the curtains, this proposal leads to more questions than answers.

Joe Biden Feb 2023

Biden’s 2024 Budget

The White House says this budget will reduce the deficit, strengthen Medicare, and will only target the well-off. But are those claims true? Erica York, senior economist, walks through the details with Jesse. They discuss what the economic impact of this budget would be and what parts stand a chance at actually becoming law.

Expanding affordable housing tax policies

Rethinking Affordable Housing Tax Policy

Affordable housing is an issue that has had long-standing bipartisan interest in D.C. But the path to increase the supply of affordable housing, though often well-intentioned, has created a bureaucratic nightmare.

2023 local income taxes by state and municipality 2023 local income tax rates and local taxes or local income tax data by county

A Look at Local Income Taxes

Levied in thousands of cities, counties, school districts, and other localities, local income taxes are often used to either lower other taxes (like property taxes) or raise more revenue for local services. While they may make sense on paper, local income taxes come with more challenges than other local revenue sources.

Biden state of the union address 2023 tax proposals stock buybacks tax billionaire minimum tax expanded child tax credit

State of the Union Reaction 2023

President Biden shared his policy aspirations during the State of the Union address, outlining three tax proposals in his remarks: quadrupling the brand-new excise tax on stock buybacks, instituting a “billionaire minimum tax,” and extending the now-lapsed expanded Child Tax Credit. We discuss the prospects of major tax changes becoming law in a divided government and what these proposals signal about how President Biden thinks about tax policy as he enters the latter half of his first term.

States eye taxes on high earners, including state capital gains tax plans or taxes on long-term capital gains income and state estate tax proposals

Wealth Taxes Reach the States

Since 2021, 43 states have provided substantial tax relief for taxpayers and businesses. But this year, a new trend has emerged in the opposite direction: a push for states to tax investment. Jared Walczak joins Jesse to discuss how wealth tax proposals to higher capital gains income taxes would affect investment, job creation, and migration between states—and why they’re happening now.

On New Year's Eve, the ball drops in New York City. Before New Year's Eve, compare champagne taxes in your state! New Year's 2020

New Year, New Taxes

Erica York, senior economist at the Tax Foundation, joins Jesse to discuss how the book minimum tax came to be, if it will really stop companies from paying zero in taxes, if the new Republican House will revisit this debate, and what the tax’s impact will be on jobs and economic growth.

Twelve Days of Christmas 12 Days of Christmas tax edition

All I Want for Christmas is EU: Understanding Tax Policy in Brussels

When it comes to international economic competition, people often frame the argument as the U.S. versus China. But across the Atlantic, nation-states in the European Union have been working hard to show the world that they deserve to be considered an economic force. Rising up to this challenge for the EU is easier said than done.

Daniel Bunn, President and CEO, Tax Foundation

Meet Daniel Bunn (again), Tax Foundation’s New President & CEO

Tax Foundation recently announced that Daniel Bunn is our new president and CEO. In this special episode of The Deduction, Daniel chats with Jesse about how he got into tax policy. They discuss his time in the Senate, his plans for Tax Foundation’s future, and even his obsession with smoking meats.

election day 2022 results state tax ballot measures election 2022 results

Post-Election Breakdown

The 2022 midterm elections are wrapping up, and taxpayers are looking at a divided Congress for the next two years. Senior Policy Analyst Garrett Watson sits down with Jesse to give a quick analysis of what these elections mean for tax policy.

The UK’s Tax Battles, Part One: How We Got Here

This episode of The Deduction is part one in our ongoing coverage of the UK’s tax battles. Jesse chats with Tom Clougherty, research director and head of tax at the Centre for Policy Studies in London about what went down in the UK this fall: from the leadership elections to the countless U-turns the new prime minister has made to try and reform the country’s tax code.

The Woes of Temporary Tax Policy

From the Tax Cuts and Jobs Act in 2017 to the Inflation Reduction Act, signed into law just this summer, lawmakers across the political spectrum are often tempted to implement temporary tax reforms. Garrett Watson joins Jesse to discuss the pros and cons of writing tax laws that have an end date and why we find ourselves having a debate at the end of each year about so many temporary provisions.

State and local tax collections, state and local tax revenue by state taxes by state Unpacking the State and Local Tax Toolkit: Sources of State and Local Tax Collections (FY 2020)

Unpacking the State and Local Tax Toolkit

Maine has blueberry taxes. Alabama has mosquito taxes. Each state and county has its tax quirks. But when state and local governments want to raise revenues, there are four key taxes they turn to.

FairTax consumption taxes versus income taxes taxing criminals economics lesson plan flat tax definition flat income tax system Biden minimum tax, Biden corporate tax rate increase Biden corporate income tax, Biden book minimum tax Build Back Better reconciliation tax plan

Accounting for the New Book Minimum Tax

The Inflation Reduction Act includes a book minimum tax, which is raising the eyebrows of accountants everywhere. Scott Dyreng, a professor of accounting at Duke University, and Daniel Bunn join Jesse to discuss how these minimum taxes work and how companies aim to comply with all these new complex rules and tax increases.

IRS budget increase IRS technology modernization and IRS funding for IRS e-filing electronic tax filing

IRS Funding and Technology

The Internal Revenue Service (IRS) finds itself under fire often. Outdated technology, millions of unanswered calls, and cafeterias full of paper returns—it’s clear that America’s tax collector needs improvement. Jesse is joined by Courtney Kay-Decker and Jared Ballew, chair and vice chair (respectively) of the Electronic Tax Administration Advisory Committee (ETAAC). They discuss ETAAC’s annual report that lays out what the IRS is doing right, and what it’s doing wrong, as the agency continues to see its duties grow.

need dynamic scoring importance of dynamic scoring, Joint Economic Committee

House Votes on the Inflation Reduction Act

The House of Representatives is set to pass the Inflation Reduction Act, the latest iteration of President Biden’s tax and climate agenda. Garrett Watson joins Jesse to discuss what sacrifices were made by key lawmakers to bring this bill to the finish line. They also look at what the economic impact of this proposal would be as the country continues to face historic rates of inflation.

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?