Today, we’re examining the differences between the broad incentives provided by the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Cuts and Jobs Act and the targeted approach of the InflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. Reduction Act and the CHIPS and Science Act.
Alex Muresianu, Senior Policy Analyst at the Tax Foundation, joins Kyle Hulehan to explore these policies’ intentions, tangible effects on specific sectors, and impact on the broader U.S. economy.
Links:
- Tax Cuts and Jobs Act, Inflation Reduction Act, CHIPS Act: Comparing and Contrasting the New Industrial Policy See more
- Details & Analysis of the Inflation Reduction Act Tax Provisions See more
- Taxes, Tariffs, and Industrial Policy: How the U.S. Tax Code Fails Manufacturing See more
- President Biden Outlines Vision for Higher, More Complicated Taxes in State of the Union Address and FY 2025 Budge See more
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