The Deduction

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.

The Inflation Reduction Act is an ambitious law with worthy goals to reduce deficits, fight inflation, help the IRS, and combat climate change. However, one year after its enactment, there are concerns about its overall fiscal impact, the additional complexity it introduces to the tax system, and the sustainability of its initiatives. Will McBride, Vice President of Federal Tax Policy at the Tax Foundation, joins Kyle Hulehan to examine the Inflation Reduction Act one year later. They dive into the disconnect between political aspirations and the real-world consequences of executing intricate policies, the skyrocketing costs of green energy tax credits, and why, despite increased funding, the IRS is struggling to keep up. Links:https://taxfoundation.org/research/all/federal/inflation-reduction-act-taxes/ https://taxfoundation.org/taxedu/podcast/all/accounting-for-the-new-book-minimum-tax/ https://taxfoundation.org/blog/inflation-reduction-act-green-energy-tax-credits/ https://taxfoundation.org/research/all/federal/inflation-reduction-act/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Interest rates and tax policy, two vital components of our economic landscape, often interact in fascinating ways. They influence the behavior of individuals, businesses, and governments. But how exactly? Alan Cole, Senior Economist at the Tax Foundation, joins us to explore the complex effects of interest rate changes. We discuss how these shifts can impact everything, from budget deficits and tax revenues to investment choices and the overall economy. Links:https://taxfoundation.org/tax-reform-bill-interest-rates/https://taxfoundation.org/deficit-interest-rates-and-growth/https://taxfoundation.org/tax-basics/cost-recovery/Follow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/AlanMColeSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

It’s the 5th anniversary of the groundbreaking Wayfair Supreme Court decision—a ruling that marked a new era of sales tax collection and changed how we think about taxation in the digital age.South Dakota v. Wayfair established a new precedent, allowing states to assert their authority in collecting sales tax from remote sellers based on economic presence.Jared Walczak, Vice President of State Projects, joins Kyle to provide insights into the evolving legal framework surrounding the Wayfair decision and sales tax collection. They discuss potential solutions that could simplify compliance and bring uniformity to online sales tax regulations.Links:https://taxfoundation.org/what-does-the-wayfair-decision-really-mean-for-states-businesses-and-consumers/https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdfFollow Us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodhttps://twitter.com/JaredWalczakSupport the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

On this “not-so-heavy-on-the-policy” episode, our much-beloved host, Jesse Solis, is joined by the Deduction's Senior Producer, Dan Carvajal, and Marketing Associate, Kyle Hulehan, to share some bittersweet news.If you follow us on social media, you've undoubtedly come across something Kyle created. He is no stranger to the Tax Foundation, having interned here in 2018 and rejoining full-time last year, and his ever-brimming curiosity will be a welcome new seat at the table.Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show