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Cato Daily Podcast
Income Taxes Are Scheduled to Go Up in 2026
Apr 15, 2024
Adam Michel from the Cato Institute discusses the upcoming increase in income taxes in 2026 and proposes tax policy reforms to address the issue. They explore the complexities of individual income taxes, the progressive nature of the US tax system compared to OECD countries, and the impact on public engagement and government transparency.
06:48
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Quick takeaways
- In 2026, expiration of 2017 tax cuts will result in $400 billion annual tax increase for Americans, highlighting the necessity for sound tax policies.
- Contrary to misconceptions, top income earners pay an average tax rate of 33.5%, emphasizing the need for tax reform to broaden the tax base and cut rates.
Deep dives
Potential Increase in Taxes in 2026
In 2026, the 2017 tax cuts are set to expire, leading to a substantial tax increase for Americans amounting to about $400 billion annually. This impending tax hike highlights the importance of implementing sound tax policies to maintain lower rates, enhance economic productivity, and avoid excessive deficits. Congress has the opportunity to make further reforms during the 2025 fiscal cliff, including eliminating loopholes, lowering rates, and aligning spending with revenue to stimulate economic growth and ensure fiscal responsibility.
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