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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/TaxFoundation https://twitter.com/deductionpod Support 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/TaxFoundation https://twitter.com/deductionpod Support 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-vehicletke https://yourmoneyvehicle.com/product-one-hour-course-certification-tax/ https://yourmoneyvehicle.com/high-schools/ Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support 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/TaxFoundation https://twitter.com/deductionpod Support the show

October is economic education month. An important part of economic education is understanding how taxes affect the economy. On this special episode of The Deduction, we discuss how Tax Foundation is doing just that through our tax literacy initiative, "TaxEDU."  Zoe Callaway, Manager of Education and Outreach, joins Kyle Hulehan to chat about why Tax Foundation launched TaxEDU and how TaxEDU is advancing tax policy education, discussion, and understanding in classrooms, living rooms, and government chambers. Links: https://taxfoundation.org/taxedu/https://taxfoundation.org/blog/taylor-swift-eras-tour-taxes/https://taxfoundation.org/blog/gdp-gross-domestic-product/https://taxfoundation.org/blog/barbie-movie/https://taxfoundation.org/blog/trade-deficit-myths/ Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show

Step into the shadows of illicit trade where taxation, incentives, and criminal networks intersect to fuel the lucrative cigarette smuggling market. Adam Hoffer, the Director of Excise Tax Policy, joins Kyle Hulehan to shed light on how substantial price markups on legal cigarettes pave the way for tempting tax avoidance opportunities. They unravel the unintended consequences of cigarette taxation and explore strategies to combat this burgeoning illicit trade Links:  https://taxfoundation.org/blog/illicit-trade-taxes-counterfeit-cigarettes/ https://taxfoundation.org/blog/california-flavored-tobacco-ban-revenue/ https://taxfoundation.org/blog/new-york-cigarette-tax-flavor-ban/ https://taxfoundation.org/data/all/state/cigarette-taxes-cigarette-smuggling-2022/ Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show

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/TaxFoundation https://twitter.com/deductionpod Support 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/TaxFoundation https://twitter.com/deductionpod https://twitter.com/AlanMCole Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support 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.pdf Follow Us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod https://twitter.com/JaredWalczak Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support 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/TaxFoundation https://twitter.com/deductionpod Support the show

The past few years have brought a renewed push from countries across the globe to combat climate change. In the European Union, policymakers have put a timeline on their climate agenda. By 2050, the EU wants to achieve a net-zero economy. Sean Bray, director of European policy, breaks down how much it would cost to achieve this goal. He also discusses the similarities and differences between the EU’s and the U.S.’s climate plans, and how the EU should use its tax codes to make the transition to a net-zero economy as frictionless as possible. Links: https://taxfoundation.org/eu-green-transition-tax-policy/ https://taxfoundation.org/tax-basics/full-expensing/ https://taxfoundation.org/cbam-eu-carbon-border-tax/ Follow Us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod www.linkedin.com/in/seanpatrickbray Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show

The FairTax, on paper, sounds simple: just replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax. But when you pull back the curtains, this proposal leads to more questions than answers. Alan Cole, senior economist, makes his Deduction debut to talk us through why this old idea is gaining attention this year. He breaks down what the FairTax shows us about the debate between income taxes versus consumption taxes, and why “simple solutions” appeal to so many policymakers for how best to tax an increasingly complex economy. Links: https://taxfoundation.org/fair-tax-national-sales-tax/ https://taxfoundation.org/fairtax-consumption-taxes/ https://taxfoundation.org/tax-basics/value-added-tax-vat/ Follow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod https://twitter.com/AlanMCole https://twitter.com/solisjesse  Support the showFollow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show