The Deduction

The Deduction

The Deduction is your independent guide to the complicated world of tax and economics. From the impacts of tariffs and trade wars to debates over who pays and how much, each episode, our experts untangle another aspect of the tax code. Listen to the leading tax podcast!

Episodes

May 12, 2022 20 min

Amidst bipartisan climate negotiations on Capitol Hill, there have been renewed calls for a carbon tax.

Carbon taxes have long been magnets for political controversy. But from an economic standpoint, they deserve to be taken seriously.

Federal policy analyst Alex Muresianu joins Jesse this week to talk through the history of climate tax policy, how a pro-growth carbon tax could be designed, and what its chances in DC actually are as ...

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Episode Description: State lawmakers have been on the move this year. One major trend that has been taking place? A push for flat taxes.

In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year.

Jared Walczak, vice president for state projects, joins Jesse this week to discuss what flat taxes are, what they...

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March 31, 2022 18 min

President Biden this week released his annual budget. In a letter to lawmakers, the 46th President said that this $5.8 trillion package would “[grow] our economy, while ensuring that the wealthiest Americans and the biggest corporations begin to pay their fair share.”

This week, Garrett Watson joins Jesse to break down what the President is proposing for this upcoming fiscal year. Garrett discusses what the budget could actually mea...

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March 17, 2022 21 min

Late last year, over 130 countries agreed to a global minimum tax, a purported end-all and be-all to the "race to the bottom."

But this policy is complex, and countries are already struggling to implement these new rules. Daniel Bunn, Vice President of Global Projects, joins Jesse to talk through how this policy came to be, identify where problems are beginning to arise, and dispel some common myths about this emerging new t...

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March 3, 2022 12 min

The cost of gas is going up. To address this, policymakers have proposed suspending the gas tax as a way to give taxpayers immediate relief at the pump.

Alex Muresianu, a federal policy analyst at the Tax Foundation, argues that a gas tax holiday could actually make matters worse; that instead of lowering prices and easing inflation, it could have the opposite effect.

He joins Jesse on this week's episode of The Deduction to disc...

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February 17, 2022 15 min

The expanded Child Tax Credit from the American Rescue Plan was touted as a once-in-a-lifetime achievement toward reducing child poverty. But it was passed as a temporary tax measure. Temporary tax policy makes tax filing confusing, and the IRS has shown that it isn’t able to keep pace with being a social administrator and a tax collector.

Senior economist Erica York joins Jesse Solis to discuss what taxpayers need to know about the...

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After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.

Jared Walczak, Vice President of State Projects, joins host Jesse Solis to discuss why exactly states are looking to...

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January 20, 2022 14 min

The 2022 tax filing season is about to begin. But before the first returns have even been processed, the IRS is warning Americans to prepare for the worst.

With expected delays, pandemic-related troubles, and a backlog of over 8 million unprocessed returns from the 2021 tax filing season, Garrett Watson joins Jesse Solis to discuss what all these troubles will mean for taxpayers in what is shaping up to be a chaotic spring.

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January 13, 2022 13 min

New research shows that the United States had the second largest fiscal response to the COVID-19 pandemic globally. But did this magnitude of stimulus have the economic impact policymakers were hoping for? Alex Durante, economist at the Tax Foundation, joins host Jesse Solis to take a deeper dive into what these fiscal measures actually achieved and what Capitol Hill might do next in response to the omicron variant.

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The House has passed the Build Back Better Act, a multi-trillion-dollar package funding a number of social programs that President Biden has made tenets of his agenda. Its chances are still shaky in the Senate, where Democratic leaders have pressed for urgency while moderates have called for a pause. Senior policy analyst Garrett Watson joins host Jesse Solis to discuss the bill's prospects and what tax changes--ranging from SA...

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Infrastructure has made its way across the finish line, but the tax debate is far from over on Capitol Hill. Senior policy analyst Garrett Watson joins host Jesse Solis to walk us through the latest iteration of Democrats' trillion-dollar reconciliation package and the myriad tax changes that are being proposed to finance this deal.

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October 28, 2021 12 min

We have a new framework! President Biden and Congressional Democrats introduced a scaled-back proposal of their reconciliation package this week, with House leadership saying they hope to vote on this new trillion-dollar package ASAP.

Senior policy analyst Garrett Watson joins host Jesse Solis to talk through what made it into the deal, what was cut, and what the impact of these tax changes would be.

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October 18, 2021 24 min

As of 2020, there were more active cell phone and wireless plans in the U.S. than there were Americans—about 448 million, to be precise. The taxes on those plans brought in approximately $11.3 billion and constituted a record 24.96 percent of the cost of an average cell phone bill.

One thing is clear, these increasing taxes aren't being used to fund fewer robocalls, so what are they for?

On this episode of The Deduction, host Jes...

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October 1, 2021 20 min

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 ...

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September 24, 2021 12 min

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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September 14, 2021 37 min

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.

Support the show (https://taxfoundation.org/donate/)

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September 1, 2021 32 min

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 realisti...

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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 actua...

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July 16, 2021 21 min

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 Loughe...

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July 6, 2021 20 min

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 Ded...

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