The Deduction

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/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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.LinksExpiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US See moreTax Calculator: How the TCJA’s Expiration Will Affect You See moreWhy Are the Individual Tax Cuts Expiring? See moreTracking 2024 Presidential Tax Plans See moreHarris Tax Plan Ideas: Details and Analysis See moreTrump Tax Plan Ideas: Details and Analysis See moreOptions for Navigating the 2025 Tax Cuts and Jobs Act Expirations See moreSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

While tax policy was almost nonexistent in the first debate between Vice President Kamala Harris and former President Donald Trump, this episode will explore each candidate’s latest proposals in greater depth. We’ll break down Kamala Harris's updated tax plan, highlighting her capital gains adjustments and new deductions for startups. We’ll also take a closer look at Trump’s plans for tax cuts and tariffs, discussing what they could mean for American families and businesses.Erica York, Senior Economist and Research Director, joins Kyle Hulehan to discuss the debate. We’ll highlight the key issues likely to be discussed and consider the serious implications for national debt and economic growth.Links: https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/research/federal-tax/2024-tax-plans/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

 Dive into the highlights from the DNC as we break down Vice President Kamala Harris's tax proposals and their potential impact on everyday families. What do higher taxes on businesses and the wealthy mean for working Americans?  Erica York, Senior Economist and Research Director, joins Kyle Hulehan to examine her VP pick, Tim Walz, and how his progressive tax policies have shaped Minnesota's economy. Plus, we’ll take a closer look at Harris's child tax credit expansion.  Links: https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/blog/tim-walz-tax-policies/ https://taxfoundation.org/research/federal-tax/2024-tax-plans/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

How does living abroad impact the taxes an American has to pay? Unlike most countries that tax based on residency, the US employs citizenship-based taxation, meaning Americans are taxed on their global income regardless of where they reside. This unique system creates a web of complexities, including stringent reporting requirements and potential penalties, which can leave many US citizens feeling overwhelmed. In this discussion, Marylouise Serrato from American Citizens Abroad, joins Kyle Hulehan to explore the implications of FATCA for Americans living outside the United States. Together, they’ll unpack the compliance hurdles and misconceptions surrounding US tax obligations abroad, offering insights on the future of tax policy and its impact on the global American community.  Links:  https://www.americansabroad.org/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion. Today, we untangle the key aspects of these proposals, diving into the latest updates, compliance hurdles, and their ripple effects on industries and smaller nations. Join Daniel Bunn, President & CEO of the Tax Foundation, and Senior Economist Alan Cole, as they sit down with Kyle Hulehan to explore what the future holds for global taxation and what it means for the United States. Links: https://taxfoundation.org/blog/global-tax-agreement/https://taxfoundation.org/blog/pillar-two-flaw/https://taxfoundation.org/taxedu/glossary/oecd-pillar-2-global-minimum-tax/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show