The Deduction

What happens to your taxes when the Tax Cuts and Jobs Act expires on January 1, 2026? In this episode, we explore the potential tax hikes facing millions of Americans and the debate over measuring the budgetary impacts of extending tax cuts. 

Kyle is joined by Erica York, Senior Economist and Research Director, along with Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation. Together, they compare current policy with current law baselines and dive into how these decisions could impact future deficits, economic growth, and fiscal policy.

Links: 

https://taxfoundation.org/blog/extending-tax-cuts-budgetary-impact/

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Join us on November 15th at 12:00 pm EST for our upcoming webinar as our experts seek to answer this question and provide insight on many more.

Our experts will recap the election and provide insights on what to expect in 2025. We will also take some time to explore what US tax and trade policy shifts could mean for other countries, particularly in Europe.

Tax Foundation’s President & CEO Daniel Bunn will lead a discussion with Tax Foundation’s own Will McBride and Erica York, who will focus on what the election means for US federal tax policy, and Sean Bray, who will link US tax developments to the European policy landscape.

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Join hosts Kyle Hulehan and Erica York in this episode of The Deduction as they break down the US tax policy implications of Donald Trump’s next presidential term. With the GOP gaining control over the White House and likely both chambers of Congress, the discussion centers around potential legislative changes, the future of tax cuts, and the impact of tariffs on everyday taxpayers. Get insights into what Trump’s tax extensions and new proposals could mean for the economy, federal revenue, and household finances.  

Links:
https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ 

https://taxfoundation.org/blog/trump-tariffs-revenue-estimates/ 

https://taxfoundation.org/blog/largest-tax-increase-harris-trump/ 

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Can tariffs truly replace income taxes in today’s economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?

To unpack these questions, Kyle Hulehan is joined by Erica York, Senior Economist and Research Director, as they explore the impact of tariffs on household budgets and the economy as a whole. They’ll also revisit the McKinley Tariff era to see what history can teach us about the possible political backlash and economic consequences.

Links: 

https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/

https://taxfoundation.org/research/federal-tax/2024-tax-plans/

https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/

https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/

https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/

https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/

https://taxfoundation.org/blog/import-tariffs-affect-exports/

https://taxfoundation.org/blog/economic-effects-taxes-tariffs/

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Are tax increases on the horizon in 2025, no matter who takes office? In this episode, we explore why changes to the tax code could hit your wallet, regardless of which party comes out on top.

Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. They break down the expiration of the Tax Cuts and Jobs Act, Trump’s plans for the tax code, and Harris’s proposals to raise taxes.

Links

• Expiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US See more
• Tax Calculator: How the TCJA’s Expiration Will Affect You See more
• Why Are the Individual Tax Cuts Expiring? See more
• Tracking 2024 Presidential Tax Plans See more
• Harris Tax Plan Ideas: Details and Analysis See more
• Trump Tax Plan Ideas: Details and Analysis See more
• Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations See more

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How does tax policy shape a nation's competitiveness? Today, we’re diving into the showdown between the US and China, exploring how China’s enticing tax incentives pose a formidable challenge to America’s economic supremacy. 

Joining Kyle is Alex Muresianu, Senior Policy Analyst at the Tax Foundation. Together, they explore how changes to US corporate taxes, including the restoration of full expensing for research and development, could be the key to ensuring America remains competitive on the global stage. 

Links: 

https://taxfoundation.org/research/all/federal/us-chinese-economy-investment-manufacturing/ 

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Neither presidential candidate has a perfect tax plan. But what changes could Trump and Harris make to their respective tax plans to better serve American workers and the economy? In this episode, we dissect their plans and provide practical solutions for improvement.

Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. Trump could boost take-home pay by expanding the standard deduction and rethinking tariffs. Meanwhile, Harris could spark wage growth by lowering corporate taxes and broadening investment deductions, all while protecting workers.

Links: 
https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/

https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/

https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/

https://taxfoundation.org/blog/trump-overtime-tax-exemption/

https://taxfoundation.org/blog/kamala-harris-corporate-tax-rate-by-state/

https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/

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 What if we told you businesses are spending over half a billion dollars just to tackle tax compliance? In this episode, we examine the shocking rise in compliance costs, totaling $537 million for a sample of 21 large multinationals. We'll discuss key factors driving this increase, including recent changes like the Tax Cuts and Jobs Act, the new corporate alternative minimum tax, and how compliance costs hit smaller businesses hardest. 

William McBride, Vice President of Federal Tax Policy and Stephen J. Entin Fellow in Economics, joins Kyle Hulehan to explore potential reforms to simplify the tax code and reduce compliance burdens. 

Links: 

https://taxfoundation.org/research/all/federal/us-business-tax-compliance-costs-survey/ 

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What do the contrasting tax proposals of Vice President Kamala Harris and former President Donald Trump mean for Americans as the 2024 election approaches? 

In this episode, we dive into the Tax Foundation's modeling of both candidates' plans, shedding light on how these proposals could impact Americans. 

Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. Together, they'll chat about the major economic implications of each candidate’s proposals, from national debt to economic growth.
 
 Links:

https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/ 

https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ 

https://taxfoundation.org/research/federal-tax/2024-tax-plans/ 

https://taxfoundation.org/blog/trump-overtime-tax-exemption/ 

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What are the key challenges facing global tax policy today? Bob Stack, an international tax expert, explores the implications of the EU’s adoption of Pillar Two and the potential for streamlining overlapping policies. He also addresses the issues that the US faces in global tax policy with the upcoming elections. 

In this insightful discussion, Bob dives into these pressing issues, drawing on his extensive experience at the US Department of the Treasury. He offers valuable insights into the OECD Inclusive Framework and the transformative Pillar Two.

Links:

https://taxfoundation.org/blog/pillar-two-unintended-consequences/

https://taxfoundation.org/blog/global-tax-agreement/

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