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The Deduction

Author: Tax Foundation

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The Deduction is your independent 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.
27 Episodes
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The House has passed the Build Back Better Act, a multi-trillion-dollar package funding a number of social programs that President Biden has made tenets of his agenda. Its chances are still shaky in the Senate, where Democratic leaders have pressed for urgency while moderates have called for a pause. Senior policy analyst Garrett Watson joins host Jesse Solis to discuss the bill's prospects and what tax changes--ranging from SALT to the Child Tax Credit--could change in order to gain enough support for passage.Support the show (https://taxfoundation.org/donate/)
Infrastructure has made its way across the finish line, but the tax debate is far from over on Capitol Hill. Senior policy analyst Garrett Watson joins host Jesse Solis to walk us through the latest iteration of Democrats' trillion-dollar reconciliation package and the myriad tax changes that are being proposed to finance this deal.Support the show (https://taxfoundation.org/donate/)
We have a new framework! President Biden and Congressional Democrats introduced a scaled-back proposal of their reconciliation package this week, with House leadership saying they hope to vote on this new trillion-dollar package ASAP.Senior policy analyst Garrett Watson joins host Jesse Solis to talk through what made it into the deal, what was cut, and what the impact of these tax changes would be.Support the show (https://taxfoundation.org/donate/)
As of 2020, there were more active cell phone and wireless plans in the U.S. than there were Americans—about 448 million, to be precise. The taxes on those plans brought in approximately $11.3 billion and constituted a record 24.96 percent of the cost of an average cell phone bill.One thing is clear, these increasing taxes aren't being used to fund fewer robocalls, so what are they for?On this episode of The Deduction, host Jesse Solis and Tax Foundation excise tax expert Ulrik Boesen discuss why wireless taxes are climbing, the places they're the highest, the consumers they impact the most, and how things can be improved.Support the show (https://taxfoundation.org/donate/)
Federal Policy is Hard

Federal Policy is Hard

2021-10-0120:20

Federal policy is hard. Federal health care policy during reconciliation while governing with razor-thin margins is really, really hard. This week, senior economist Erica York joins host Jesse Solis to break down the debate on Capitol Hill over drug pricing. They discuss why this policy found its way into the $3.5 trillion reconciliation package and what the tradeoffs would be of having the federal government set prescription drug prices.Support the show (https://taxfoundation.org/donate/)
The reconciliation process on Capitol Hill is underway. Senior policy analyst Garrett Watson joins host Jesse Solis this week to give an update on where the package stands. The two also talk through recent Tax Foundation modeling of the proposal, which found that the plan may not have the economic boost its proponents have claimed.Support the show (https://taxfoundation.org/donate/)
Reconciliation. One word that drives D.C. crazy, yet has been the way some of Congress’s most monumental bills have become law.On this episode, host Jesse Solis is joined by federal tax policy experts Erica York and Garrett Watson to discuss why this complex budget process is back in the mix as Congress gears up to advance President Biden’s multi-trillion-dollar tax agenda.Support the show (https://taxfoundation.org/donate/)
The One About Crypto

The One About Crypto

2021-09-0132:26

The quick-moving world of cryptocurrency can be confusing and, at times, comical.On this episode of The Deduction, join Tax Foundation's Jesse Solis, Garrett Watson, and Alex Muresianu as they dive down the rabbit hole of cryptocurrency taxation.How should policymakers view crypto in the first place—as an asset, like stocks, or as a currency? How big is the issue of tax evasion in the cryptocurrency market and what can realistically be done to curb it? Is it possible to design a rational tax system around what, at times, can appear to be a less-than-rational market and, if so, what should it look like? Tune in to find out.Look Busy by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license (https://creativecommons.org/licenses/by/4.0/).Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100172Artist: http://incompetech.com/Support the show (https://taxfoundation.org/donate/)
Increasing enforcement of existing laws instead of increasing taxes is an appealing way to raise revenue. But would stronger enforcement have costs for law-abiding taxpayers too?  On this episode of The Deduction, host Jesse Solis and Federal Policy Analyst Alex Muresianu discuss the tax gap, what it is, how the U.S. compares to other countries, and recent proposals aimed at closing it.They also explore how much revenue could actually be raised through increased tax enforcement, the current challenges the IRS faces, and how stronger enforcement could impact taxpayers at large.Support the show (https://taxfoundation.org/donate/)
As final state revenue figures come in for fiscal year 2021, many states are finding they are in a much healthier position than they ever would have anticipated this time last year.And as a result, a remarkable trend has emerged: so far in 2021, eleven states have responded by reducing income tax rates and making related structural reforms.On this episode of The Deduction, host Jesse Solis and Senior Policy Analyst Katherine Loughead explore how stronger-than-expected revenues and increased workplace flexibility have led to a wave of reforms aimed at enhancing tax competitiveness in states around the country. Support the show (https://taxfoundation.org/donate/)
If you've read any headlines in the last few months,  you've no doubt heard about the semiconductor shortage gripping global supply chain—and if you've tried to buy anything from a toaster to a car, you've witnessed it firsthand.But what's really driving today's crisis, can the U.S.  manufacture its way out of it,  and what role does tax and economic policy have to play in all this?On this episode of the Deduction, Jesse Solis talks to Tax Foundation Economist Erica York about the complicated world of semiconductor manufacturing and all the ways policymakers should (and shouldn't) respond to today's challenges.Support the show (https://taxfoundation.org/donate/)
One of the hottest topics in the tax world today is the recent announcement by G7 finance ministers that they would support enacting a new, 15 percent global minimum tax.On this episode of The Deduction, Scott Hodge is joined by Tax Foundation's Daniel Bunn and Elke Asen to discuss this agreement and answer an important question: how much weight does it really carry?We dive into the economic and political implications of a 15-percent global minimum tax, how such a tax would impact global economies, revenues, and real people, and what the path forward looks like.Support the show (https://taxfoundation.org/donate/)
Across the U.S., policymakers of both parties have developed a strong interest in taxing large technology companies through digital advertising taxes, social media taxes, and data taxes.What is notably absent is any consistent rationale for these new proposals. On this episode of the Deduction, Tax Foundation's Daniel Bunn and Jared Walczak untangle the complex and sometimes contradictory world of state digital taxes.Learn more about the legal difficulties, administrative challenges, and economic inefficiencies this emerging area of state tax policy faces.Support the show (https://taxfoundation.org/donate/)
Policymakers in Washington are edging closer to a deal on an infrastructure package. But while many believe it will be an economic boon to workers across the country, one provision tucked deep into the American Jobs Plan could jeopardize jobs across the country. On this episode of The Deduction, we speak with Pam Olson, Tax Foundation Board Member and Consultant on Tax Policy Services at PwC, about the tax on Global Intangible Low Tax Income, or “GILTI."In 2017, GILTI was implemented as a minimum tax designed to disincentivize U.S. companies from shifting profits overseas, but it doesn't work how drafters intended, and now President Biden has proposed doubling it.Learn more about this niche international policy and its deceivingly large impact on U.S. competitiveness and the economy.Support the show (https://taxfoundation.org/donate/)
Tax Foundation President Scott Hodge is joined by Senior Policy Analyst Ulrik Boesen to discuss the taxation of cannabis (marijuana). The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. New York recently became one of the latest states to legalize it.Join us as we dive into the complex world of marijuana taxation and explain how policymakers should approach designing such taxes.Creative Commons Attribution:  "Richard Strauss: Also Sprach Zarathustra” by Kevin MacLeodSupport the show (https://taxfoundation.org/donate/)
Senior Policy Analyst Ulrik Boesen joins Tax Foundation President Scott Hodge discuss and explore the wide and varied world of excise taxation.Marijuana, betting,  soda, ride-sharing—over the last decade, the excise tax family has grown significantly and it's more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.Learn about the history of excise taxes, how they impact government revenues and the economy, and where we see today's trends leading in this episode of The Deduction.Support the show (https://taxfoundation.org/donate/)
Tax Foundation President Scott Hodge is joined by economist Erica York and Senior Policy Analyst Garrett Watson to answer a question U.S. policymakers have been asking for decades: how should we tax research and development (R&D)?R&D is more important than ever as pharmaceutical companies and governments around the world invest in coronavirus research and supply chains.But are the policies currently on the books—the R&D credit and immediate deduction for R&D expenses (soon to be amortized over 5 years)—the best way to encourage innovation? What other tools do policymakers have at their disposal and what does the future hold for the taxation of R&D in America?Support the show (https://taxfoundation.org/donate/)
Tax Foundation President Scott Hodge interviews Ken Kies, former Chief of Staff for the Joint Committee on Taxation (JCT) from 1995 to 1998.Support the show (https://taxfoundation.org/donate/)
Understanding Tariffs

Understanding Tariffs

2021-02-0828:03

Economist Erica York joins Tax Foundation President Scott Hodge to discuss one of the most misunderstood issues in tax policy: tariffs.Depending on your perspective, tariffs are either a great way to tax countries like China for their protectionist trade policies or they are a big reason why all those imported toys, clothing and holiday gifts cost more than you expected.You'll learn what tariffs are, how they function, and how they can impact the domestic U.S. economy.Support the show (https://taxfoundation.org/donate/)
Rohit Kumar, principal and leader of PwC's Washington National Tax Services Tax Policy Services group in Washington, D.C., joins Tax Foundation President Scott Hodge to discuss the congressional budget reconciliation process: what it is, how it works, and the role that politics will play in it for the 117th Congress as well as President Biden's policy agenda.Prior to joining PwC, Mr. Kumar served in a number of distinguished government positions. He worked in close collaboration with three Senate leaders-- including 11 years with Senate Republican Leader Mitch McConnell, for whom he served as Domestic Policy Director and Deputy Chief of Staff.Support the show (https://taxfoundation.org/donate/)
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