Summer has arrived, and states are beginning to implement policy changes that were enacted during this year’s legislative session (or that have delayed effective dates or are being phased in over time).
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Our experts are providing the latest details and analysis of proposed federal tax policy changes.
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Our preliminary analysis of the Senate Finance tax plan finds the major tax provisions would increase long-run GDP by 1.1 percent and reduce federal tax revenue by $4.7 trillion over the next decade.
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The Senate draft overall makes more changes to international tax policy than the House draft. On net the changes are positive.
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Senate Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions, following broadly similar legislation put forward by House Republicans.
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The final House bill makes impressive cuts to the IRA green energy tax credits, but it does so in part by introducing more complexity.
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Rather than permanently expanding a complicated, nonneutral tax break, Congress should prioritize permanence for the most neutral and pro-growth policies like bonus depreciation and R&D expensing.
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Our preliminary analysis finds the tax provisions increase long-run GDP by 0.8 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis before added interest costs.
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The House-passed “One Big Beautiful Bill” includes a new 3.5 percent tax on remittances, or non-commercial transfers of money that people in the US send to people abroad.
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The House tax and spending bill leaves in place a long-standing provision that exempts credit unions from federal and state income tax, allowing them to compete unfairly with banks and, increasingly, to buy them.
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Unlike banks, credit unions remain exempt from most taxes. The credit union tax exemption doesn’t make dollars, and now, it doesn’t make sense.
Tax Foundation Europe’s Sean Bray had the opportunity to interview Dr. Dominika Langenmayr, Professor of Economics at Catholic University of Eichstätt-Ingolstadt, about the future of the EU tax mix.
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From generous tax breaks to costly trade-offs, the House GOP’s One, Big, Beautiful Bill has a little of everything. It’s a sweeping attempt to extend key provisions of the 2017 Tax Cuts and Jobs Act before they expire in 2026—but what’s actually in it?
Between Russia’s war in Ukraine, President Trump’s uncertain policies towards Europe, and Poland’s attempt to increase domestic defense capabilities, raising revenue has become one of the most critical topics in the campaign.
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It’s been a whirlwind 24 hours in tariff news: first, a trade court blocked Trump’s sweeping new tariffs, calling them executive overreach. Then, a federal appeals court reinstated them—at least for now. We break down what happened, what’s next, and why it matters.
Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.
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The House reconciliation bill includes numerous changes to the tax code: good, bad, and ugly. However, the new corporate alternative minimum tax, or CAMT, goes largely untouched.
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Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is.
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The House of Representatives just passed President Trump’s “One Big Beautiful Bill,” marking a critical step in the Republican tax agenda. At first glance, the bill might appear to complete the legacy of the 2017 Tax Cuts and Jobs Act (TCJA). But it falls short of emulating the TCJA’s core strengths in two key respects: it doesn’t prioritize economic growth, and it doesn’t simplify the tax code.
As the US House hashes out its “One, Big, Beautiful Bill,” statehouse lawmakers are watching closely, given the impact of both its tax and spending provisions on state budgets.
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