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The Deduction

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The Deduction is 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. Listen to the leading tax podcast! Have a question for one of our experts, let us know here: https://taxfoundation.org/mailbag. Follow us on Twitter @deductionpod: https://twitter.com/deductionpod

74 Episodes
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 In the context of the 2024 election year, what does President Biden's 2025 budget proposal signify regarding his strategies and priorities as he seeks reelection? And how could these proposals shape the overall landscape of this election cycle? Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to discuss the president’s plan—from raising the corporate tax rate to implementing a billionaires' tax—and the longstanding flaws in the budget process.  Links: Taxing Consumption Progressively Is a Better Way to Tax the WealthyHow Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and ChildrenTax Calculator: How the TCJA’s Expiration Will Affect YouDetails and Analysis of Making the 2017 Tax Reforms PermanentHow to Rein in the National DebtSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
 Today, we're examining the differences between the broad incentives provided by the Tax Cuts and Jobs Act and the targeted approach of the Inflation 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:  https://taxfoundation.org/research/all/federal/supply-side-economics-industrial-policy/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
 As the world of tax policy becomes more interconnected, the Tax Foundation is stepping up, recognizing the pressing need for informed and principled tax policy education in an ever-evolving landscape.  In response, we are broadening our scope by establishing a presence at the epicenter of European tax policy discussions: Brussels.  Sean Bray, Director of European Policy at the Tax Foundation, and Edwin Visser, Deputy Global Tax Policy Leader at PwC Netherlands, join Kyle Hulehan to discuss the launch of Tax Foundation Europe.  Links:  https://taxfoundation.org/blog/tax-foundation-europe-launches/  https://taxfoundation.org/eu/  https://taxfoundation.org/eu/research/european-tax-policy-scorecard/  https://taxfoundation.org/research/all/eu/eu-green-transition-tax-policy/  https://taxfoundation.org/research/all/eu/capital-gains-taxation-eu/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Sales taxes go beyond a few extra bucks at the register. It’s not just about what you pay, but who pays. What are the implications of state sales tax bases across the U.S.? Katherine Loughead, Senior Policy Analyst & Research Manager at the Tax Foundation, joins Kyle Hulehan. Together, we'll uncover the core principles behind an efficient sales tax system and examine how taxing business inputs can lead to economic inefficiencies and higher prices for consumers.  Links:  https://taxfoundation.org/research/all/state/kentucky-sales-tax-reform/ https://taxfoundation.org/data/all/state/2024-sales-taxes/  https://taxfoundation.org/taxedu/glossary/tax-pyramiding/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Today, we're exploring the intricacies of the latest congressional act stirring up Washington—The Tax Relief for American Families and Workers Act of 2024. Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to dissect its key features, including the restoration of crucial business investment provisions, an expansion of the Child Tax Credit, and changes to pandemic-era tax credits.  The conversation also sheds a light on the act's temporary and retroactive dimensions, which could leave taxpayers in uncertain, and confusing, territory. Links:  https://taxfoundation.org/blog/bipartisan-tax-deal-2024-tax-relief-american-families-workers-act/ https://taxfoundation.org/blog/bipartisan-tax-deal-revenue-challenges/https://taxfoundation.org/research/all/federal/making-2017-tax-reform-permanent/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Financial literacy is a problem that educators around the country are trying to tackle. Today, we’re speaking with Jed Collins, a former NFL player, who is leading the charge in the financial education arena by guiding high school and college students, as well as professional athletes, through the world of finance.  He’s passing down essential knowledge on understanding taxes, showing students that a good financial game plan can lead them towards a prosperous future.Links:https://taxfoundation.org/taxedu/podcast/all/economic-education-month/https://taxfoundation.org/blog/do-people-really-move-because-of-taxes/https://course.yourmoneyvehicle.com/p/your-money-vehicletkehttps://yourmoneyvehicle.com/product-one-hour-course-certification-tax/https://yourmoneyvehicle.com/high-schools/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Americans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to discuss why the U.S. is struggling to save and what solutions exist within the tax code to help Americans save more. Links:https://taxfoundation.org/blog/personal-saving-retirement-taxes/https://taxfoundation.org/research/all/federal/case-for-universal-savings-accounts/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
October is economic education month. An important part of economic education is understanding how taxes affect the economy. On this special episode of The Deduction, we discuss how Tax Foundation is doing just that through our tax literacy initiative, "TaxEDU." Zoe Callaway, Manager of Education and Outreach, joins Kyle Hulehan to chat about why Tax Foundation launched TaxEDU and how TaxEDU is advancing tax policy education, discussion, and understanding in classrooms, living rooms, and government chambers.Links:https://taxfoundation.org/taxedu/https://taxfoundation.org/blog/taylor-swift-eras-tour-taxes/https://taxfoundation.org/blog/gdp-gross-domestic-product/https://taxfoundation.org/blog/barbie-movie/https://taxfoundation.org/blog/trade-deficit-myths/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Prohibition by Price

Prohibition by Price

2023-09-1918:40

Step into the shadows of illicit trade where taxation, incentives, and criminal networks intersect to fuel the lucrative cigarette smuggling market.Adam Hoffer, the Director of Excise Tax Policy, joins Kyle Hulehan to shed light on how substantial price markups on legal cigarettes pave the way for tempting tax avoidance opportunities. They unravel the unintended consequences of cigarette taxation and explore strategies to combat this burgeoning illicit tradeLinks: https://taxfoundation.org/blog/illicit-trade-taxes-counterfeit-cigarettes/https://taxfoundation.org/blog/california-flavored-tobacco-ban-revenue/https://taxfoundation.org/blog/new-york-cigarette-tax-flavor-ban/https://taxfoundation.org/data/all/state/cigarette-taxes-cigarette-smuggling-2022/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
The Inflation Reduction Act is an ambitious law with worthy goals to reduce deficits, fight inflation, help the IRS, and combat climate change. However, one year after its enactment, there are concerns about its overall fiscal impact, the additional complexity it introduces to the tax system, and the sustainability of its initiatives. Will McBride, Vice President of Federal Tax Policy at the Tax Foundation, joins Kyle Hulehan to examine the Inflation Reduction Act one year later. They dive into the disconnect between political aspirations and the real-world consequences of executing intricate policies, the skyrocketing costs of green energy tax credits, and why, despite increased funding, the IRS is struggling to keep up. Links:https://taxfoundation.org/research/all/federal/inflation-reduction-act-taxes/ https://taxfoundation.org/taxedu/podcast/all/accounting-for-the-new-book-minimum-tax/ https://taxfoundation.org/blog/inflation-reduction-act-green-energy-tax-credits/ https://taxfoundation.org/research/all/federal/inflation-reduction-act/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Interest rates and tax policy, two vital components of our economic landscape, often interact in fascinating ways. They influence the behavior of individuals, businesses, and governments. But how exactly? Alan Cole, Senior Economist at the Tax Foundation, joins us to explore the complex effects of interest rate changes. We discuss how these shifts can impact everything, from budget deficits and tax revenues to investment choices and the overall economy. Links:https://taxfoundation.org/tax-reform-bill-interest-rates/https://taxfoundation.org/deficit-interest-rates-and-growth/https://taxfoundation.org/tax-basics/cost-recovery/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/AlanMColeSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
It’s the 5th anniversary of the groundbreaking Wayfair Supreme Court decision—a ruling that marked a new era of sales tax collection and changed how we think about taxation in the digital age.South Dakota v. Wayfair established a new precedent, allowing states to assert their authority in collecting sales tax from remote sellers based on economic presence.Jared Walczak, Vice President of State Projects, joins Kyle to provide insights into the evolving legal framework surrounding the Wayfair decision and sales tax collection. They discuss potential solutions that could simplify compliance and bring uniformity to online sales tax regulations.Links:https://taxfoundation.org/what-does-the-wayfair-decision-really-mean-for-states-businesses-and-consumers/https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdfFollow Us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/JaredWalczakSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
On this “not-so-heavy-on-the-policy” episode, our much-beloved host, Jesse Solis, is joined by the Deduction's Senior Producer, Dan Carvajal, and Marketing Associate, Kyle Hulehan, to share some bittersweet news.If you follow us on social media, you've undoubtedly come across something Kyle created. He is no stranger to the Tax Foundation, having interned here in 2018 and rejoining full-time last year, and his ever-brimming curiosity will be a welcome new seat at the table.Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
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. He also discusses the similarities and differences between the EU’s and the U.S.’s climate plans, and how the EU should use its tax codes to make the transition to a net-zero economy as frictionless as possible.Links:https://taxfoundation.org/eu-green-transition-tax-policy/https://taxfoundation.org/tax-basics/full-expensing/https://taxfoundation.org/cbam-eu-carbon-border-tax/Follow Us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodwww.linkedin.com/in/seanpatrickbraySupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
The FairTax?

The FairTax?

2023-05-1130:06

The FairTax, on paper, sounds simple: just replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax.But when you pull back the curtains, this proposal leads to more questions than answers.Alan Cole, senior economist, makes his Deduction debut to talk us through why this old idea is gaining attention this year. He breaks down what the FairTax shows us about the debate between income taxes versus consumption taxes, and why “simple solutions” appeal to so many policymakers for how best to tax an increasingly complex economy.Links:https://taxfoundation.org/fair-tax-national-sales-tax/https://taxfoundation.org/fairtax-consumption-taxes/https://taxfoundation.org/tax-basics/value-added-tax-vat/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/AlanMColehttps://twitter.com/solisjesse Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
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.This trend has the potential to significantly affect the global economy.Adam Hoffer, Director of Excise Tax Policy, joins Jesse to discuss how excise taxes have been used by policymakers in the past and how that is changing. They discuss what makes a good design for these taxes and where excise taxes may go in the future as the traditional “sin tax” base continues to shrink.Links:https://taxfoundation.org/global-excise-tax-policy-application-trends/https://taxfoundation.org/unlock-global-growth-role-of-taxation/https://taxfoundation.org/principles#Stabilityhttps://taxfoundation.org/taxedu-video-cannabis/https://taxfoundation.org/taxedu-video-carbon-tax-explained/Follow us!https://twitter.com/AdamJHofferhttps://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/solisjesseSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
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.When looking at the whole picture, just how progressive is our tax code? Timothy Vermeer, senior policy analyst, joins Jesse to take a closer look. They discuss what is missing from the progressivity debate, and what lawmakers at the state and federal level should keep in mind when they consider tax reforms and interstate competition.Links:https://taxfoundation.org/who-pays-taxes-federal-state-local-tax-burden-transfers/https://taxfoundation.org/question-1-massachusetts-millionaires-tax/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/tevermeerhttps://twitter.com/solisjesseSupport the showSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Biden's 2024 Budget

Biden's 2024 Budget

2023-03-2320:211

President Biden recently released his budget proposal for fiscal year 2024. As he has with previous budgets, the president is continuing to call for higher taxes on businesses and wealthy taxpayers.This may be the last budget President Biden releases before he announces a run for a second term. 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.Links:https://taxfoundation.org/biden-budget-tax-proposals-analysishttps://taxfoundation.org/biden-budget-taxes/https://taxfoundation.org/biden-tax-fairness/https://taxfoundation.org/growth-opportunity-us-tax-reform-plan/Follow us!:https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/ericadyorkhttps://twitter.com/solisjesseSupport the showSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
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.Large programs like the Low-Income Housing Tax Credit, and other initiatives like rehabilitation tax credits and grants, have created a web of complexity that makes these policies less helpful than they were meant to be.Garrett Watson, senior policy analyst, joins Jesse to break down the tax code’s relationship to affordable housing. He also discusses his testimony to the U.S. Senate about this topic, and where he thinks lawmakers should focus their efforts as they continue to debate these tax programs.Links:https://taxfoundation.org/expanding-affordable-housing/https://www.finance.senate.gov/hearings/tax-policys-role-in-increasing-affordable-housing-supply-for-working-familieshttps://taxfoundation.org/low-income-housing-tax-credit-lihtc/Follow us!https://twitter.com/deductionpodhttps://twitter.com/TaxFoundationhttps://twitter.com/GS_Watsonhttps://twitter.com/solisjesseSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
Filing season is ramping up, as most of us are getting ready to file our state and federal income taxes.But in nearly a third of U.S. states, taxpayers pay some sort of local income tax too. 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. Janelle Fritts, policy analyst with Tax Foundation's Center for State Tax Policy, walks Jesse through the origin of local income taxes and the trade-offs lawmakers need to keep in mind when considering them.Links:https://taxfoundation.org/local-income-taxes-2023Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show
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