Throughout the year, the Biden administration and congressional Democrats have been fleshing out tax proposals as the budget reconciliation process heats up. With these expanded details, the Tax Foundation and other scorekeepers have released updated and more precise analysis.

To explain these proposals and help policymakers and taxpayers understand their impact on American businesses and families, we recently hosted a webinar doubleheader (this being the first of two).

Our first webinar discussion focused on individual and pass-through business tax plans, which include:

-- Raising the top marginal rate from 37 percent to 39.6 percent

-- Taxing long-term capital gains as ordinary income for taxpayers with adjusted gross income above $1 million

-- Taxing unrealized capital gains at death for unrealized gains above $1 million

-- Phasing out the pass-through deduction for taxpayers earning over $400k and expanding eligibility for certain taxpayers under that amount

-- Applying an additional 3.8 percent tax to active business income for taxpayers earning over $400k

-- And more.

Hear from today’s leading tax policy experts on the details and implications of potential individual and pass-through business tax changes, moderated by Tax Foundation Vice President of Federal Projects Will McBride:

-- Robert McClelland, Senior Fellow, Tax Policy Center

-- Garrett Watson, Senior Policy Analyst, Tax Foundation

Learn more at: https://taxfoundation.org/events/biden-individual-tax-plan-webinar

Throughout the year, the Biden administration and congressional Democrats have been fleshing out tax proposals as the budget reconciliation process heats up. With these expanded details, the Tax Foundation and other scorekeepers have released updated and more precise analysis.

To explain these proposals and help policymakers and taxpayers understand their impact on American businesses and families, we recently hosted a webinar doubleheader (this being the second of two).

Our second webinar discussion focused on the corporate tax plans proposed by the Biden administration and Congress and their impacts on business decisions and families across the country. Our panel explored key questions such as:

-- Who bears the economic incidence of corporate tax increases and what would the impact be on after-tax incomes, wages, and jobs across states and congressional districts?

-- How do corporate tax changes impact companies’ decisions on where to invest and employ workers?

-- What could be the economic impact of investment incentives, such as expensing and R&D tax provisions, currently being considered in Congress?

-- How would a tax on businesses’ financial profits work and what economic and administrative challenges could arise?

-- How would industry-specific tax policy reforms impact economic growth, employment, and wage growth?

Hear from today’s leading tax policy experts on the details and implications of potential corporate tax changes, moderated by Tax Foundation Vice President of Federal Projects Will McBride.

-- Doug Holtz-Eakin, President, American Action Forum

-- Erica York, Economist, Tax Foundation

Learn more at: https://taxfoundation.org/events/biden-corporate-tax-plan-webinar

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.

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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.

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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.

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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=USUAN1100172

Artist: http://incompetech.com/

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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.

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It’s likely that new markets like recreational marijuana and sports betting will continue to grow as legalization and innovation continue, but the structure of excise taxes could dictate where and how that growth occurs.

This has raised important questions as policymakers debate how best to enact or fix excise taxes:

• How should excise taxes be structured so as not to stifle growing industries or push participants into the black market?
• How much will these new taxes raise, how stable will collections be, and are there better or worse ways for governments to allocate the revenue?
• To what extent are different excise taxes effective tools for curbing unwanted behavior?
• What lessons should the federal government take from the policy experiments in the states?

For our latest Talking Tax webinar, our excise tax expert Ulrik Boesen moderates an exclusive panel discussion featuring:

• Norman Birenbaum, Director, Cannabis Programs at the State of New York and President, Cannabis Regulators Association
• Richard Auxier, Senior Policy Associate, Tax Policy Center
• Todd Nesbit, Assistant Professor of Economics, Ball State University

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. 

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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.

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