Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
Our experts are providing the latest details and analysis of proposed federal tax policy changes.
15 min read
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“One Big Beautiful Bill Act” Senate GOP Tax Plan: Details and Analysis
Our preliminary analysis of the Senate Finance tax plan finds the major tax provisions would increase long-run GDP by 1.2 percent and reduce federal tax revenue by $5 trillion over the next decade.
11 min read
Wisconsin’s Proposed Retirement Income Exclusion Would Shift Tax Burdens to Working Families over Time
With reports that Republican legislative leaders and Wisconsin Gov. Evers (D) have reached a budget deal for FY 2026 and 2027, it is worth examining two significant tax relief proposals included in the plan.
7 min read
The Good, the Bad, and the Ugly in the One Big Beautiful Bill Act
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.
8 min read
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Short FormTaxes and the Road to Revolution: A Brief Overview
Independence Day is notable for its insistence not just on light taxation, but more importantly on taxation being subject to the consent of the governed through a representative form of government.
4 min read
Fiscal Forum: Future of the EU Tax Mix with Dr. Monika Köppl-Turyna
Tax Foundation Europe’s Sean Bray interviews Dr. Monika Köppl-Turyna, director of the EcoAustria Institute for Economic Research, about the future of the EU tax mix.
14 min read
The One Big Beautiful Tax Bill: What’s In It, What’s Out
Congress is racing to pass the One Big Beautiful Tax Bill before the July 4 deadline. In this episode, Kyle Hulehan and Erica York break down what just happened over the weekend, what’s actually in the bill, and what comes next as the House and Senate try to reconcile their differences.
Carbon Taxes in Europe, 2025
In recent years, several countries have taken measures to reduce carbon emissions, including instituting environmental regulations, emissions trading systems (ETSs), and carbon taxes.
4 min read
Taxes and the American Revolution
The American Revolution was a tax revolt over the power to tax, not over tax burdens. It serves as a reminder that tax policy can have impacts (big and small) that last for centuries.
How Would the Proposed Additional Senior Deduction Compare to No Tax on Social Security?
The increased senior deduction with the phaseout would deliver a larger tax cut to lower-middle- and middle-income taxpayers compared to exempting all Social Security benefits from income taxation and would not weaken the trust funds as much. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bills without boosting long-run economic growth.
4 min read
State Tax Changes Taking Effect July 1, 2025
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).
28 min read
Progressive Income Tax on the Ballot in Michigan?
If Michiganders are interested in increasing the state’s spending on education or other priorities—and believe that current revenues are insufficient to support such an increase—there are several ways to do so without significantly affecting residents’ incentives to live and work in Michigan.
4 min read
Vaping Taxes by State, 2025
The vaping industry has grown rapidly in recent decades, becoming a well-established product category and a viable alternative to cigarettes for those trying to quit smoking. US states levy a variety of tax structures on vaping products.
7 min read
New Jersey Taxpayers Deserve Tax Relief
New Jersey’s residents deserve tax relief, and the state must stem the tide of out-migration. Affordable reforms in the near term could pave the way for more sweeping, and competitive, reforms to take root in the future.
Breaking Down the Senior Deduction in the One, Big, Beautiful Bill
The House-passed reconciliation bill leaves out Trump’s promise to eliminate taxes on Social Security benefits, opting instead to expand the standard deduction for seniors.
‘Trump Accounts’ Could Be Better. Here’s How.
If the federal government really wanted to make saving more accessible for taxpayers, it would swap the proposal for Trump Accounts to replace the complicated mess of savings accounts currently available with universal savings accounts.
4 min read
How the IRA Provisions (and Scores) Have Changed
The final House bill makes impressive cuts to the IRA green energy tax credits, but it does so in part by introducing more complexity.
5 min read
Beer Taxes by State, 2025
In the United States, taxes are the single most expensive ingredient in beer. The tax burden accounts for more of the final price of beer than labor and materials combined—the many different layers of applicable taxes combining to total as much as 40.8 percent of the retail price.
6 min read
Capital Cost Recovery across the OECD, 2025 Update
The ongoing economic uncertainty from Russia’s war in Ukraine, economic recovery, supply chain disruptions, and rising interest rates have highlighted the importance of business investment.
30 min read
Trump’s Policies Deal a Double Blow to Tax-Cutting States
President’s Trump’s policies would throw high-tax states a life raft as they swim against the tide—before potentially hitting all states with a tariff-induced economic tsunami that could force lawmakers’ hands and reverse recent tax relief.