15 | The Challenge of Tax Reform with Justin Ross

Back in 2017, the United States congress passed the Tax Cuts and Jobs Act, which featured several significant changes to the individual income tax, including reforms to itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit, and lower marginal tax rates across brackets.

Proponents hailed the measure as a much-needed reform that would generate economic growth, expand wages, and put the country on the path to fiscal responsibility. Critics said it was a giveaway to corporations and the wealthy that would only balloon the national debt, and a recent study published by the National Bureau of Economic Research suggests that there was a boost in investment in the U.S. economy and some wage growth, but not nearly as much as was promised.

What can’t be argued is that several provisions of the Tax Cuts and Jobs Act were designed to sunset in 2025, and there is considerable debate about what provisions should be extended on a more permanent basis and which parts of the act should be allowed expire on schedule.

We're joined by Professor Justin Ross to help us try to sort through the noise when it comes to tax reform. Justin is a public finance economist specializing in state and local tax policy, and his primary research interests include property tax-related issues such as assessment and zoning. He is part of tax reform task forces in multiple states and is an expert in how tax policy has an impact in the real world.