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

 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 WealthyHow Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and ChildrenTax Calculator: How the TCJA’s Expiration Will Affect YouDetails and Analysis of Making the 2017 Tax Reforms PermanentHow to Rein in the National DebtSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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

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

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

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

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-vehicletkehttps://yourmoneyvehicle.com/product-one-hour-course-certification-tax/https://yourmoneyvehicle.com/high-schools/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

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

Zoe Callaway, Manager of Education and Outreach, discusses Tax Foundation's tax literacy initiative, TaxEDU. They explore the impact of taxes on the economy, the launch of TaxEdu, available educational resources, outreach efforts, and the importance of tax education for everyone. Discover the effects of taxes on individuals and businesses and the significance of economic education in understanding their influence.

Adam Hoffer, Director of Excise Tax Policy, discusses the unintended consequences of high cigarette taxes, including the rise of a black market. They explore the dangers of counterfeit cigarettes with contaminants like lead and human feces. The correlation between tax rates and smuggling is examined, along with the connection to other illegal trades. The podcast sheds light on strategies to combat illicit tobacco trade.