The Deduction

All Americans are affected by the tax code—but do they understand the tax code? To find out, the Tax Foundation’s educational program, TaxEDU, and Center for Federal Tax Policy conducted a poll with Public Policy Polling. The poll surveyed more than 2,700 U.S. taxpayers over 18 years old—spanning the political spectrum and income distribution—to gauge Americans’ knowledge of basic tax concepts and opinions of the current tax code. 

The results: most Americans are confused by and dissatisfied with the federal tax code.
 
 Links:
 
https://taxfoundation.org/blog/national-tax-literacy-poll-education/ 

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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 Wealthy
• How Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and Children
• Tax Calculator: How the TCJA’s Expiration Will Affect You
• Details and Analysis of Making the 2017 Tax Reforms Permanent
• How to Rein in the National Debt

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 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/ 

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 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/ 

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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/ 

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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/

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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-vehicletke
https://yourmoneyvehicle.com/product-one-hour-course-certification-tax/
https://yourmoneyvehicle.com/high-schools/

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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/

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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/

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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 trade

Links: 

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/

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