The Deduction

By Tax Foundation

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Description

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.

Episode Date
Wireless with Strings Attached
1463

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 Jesse Solis and Tax Foundation excise tax expert Ulrik Boesen discuss why wireless taxes are climbing, the places they're the highest, the consumers they impact the most, and how things can be improved.

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Oct 18, 2021
Federal Policy is Hard
1220

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 prices.

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Oct 01, 2021
Taxing Decisions, 2021: Minisode 1
755

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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Sep 24, 2021
Wake Me Up when Reconciliation Ends
2250

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.

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Sep 14, 2021
The One About Crypto
1946

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 realistically be done to curb it? Is it possible to design a rational tax system around what, at times, can appear to be a less-than-rational market and, if so, what should it look like?

Tune in to find out.

Look Busy by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license (https://creativecommons.org/licenses/by/4.0/).

Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100172

Artist: http://incompetech.com/

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Sep 01, 2021
Tackling the Tax Gap: What Can Be Achieved?
1449

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 actually be raised through increased tax enforcement, the current challenges the IRS faces, and how stronger enforcement could impact taxpayers at large.

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Aug 14, 2021
The State of State Income Taxes
1275

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 Loughead explore how stronger-than-expected revenues and increased workplace flexibility have led to a wave of reforms aimed at enhancing tax competitiveness in states around the country. 

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Jul 16, 2021
Semiconducting Tax Policy
1246

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 Deduction, Jesse Solis talks to Tax Foundation Economist Erica York about the complicated world of semiconductor manufacturing and all the ways policymakers should (and shouldn't) respond to today's challenges.

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Jul 06, 2021
G7 Agrees to Global Minimum Tax
2141

One of the hottest topics in the tax world today is the recent announcement by G7 finance ministers that they would support enacting a new, 15 percent global minimum tax.

On this episode of The Deduction, Scott Hodge is joined by Tax Foundation's Daniel Bunn and Elke Asen to discuss this agreement and answer an important question: how much weight does it really carry?

We dive into the economic and political implications of a 15-percent global minimum tax, how such a tax would impact global economies, revenues, and real people, and what the path forward looks like.

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Jun 14, 2021
States Consider Digital Taxes Amidst Conflicting Rationales
1667

Across the U.S., policymakers of both parties have developed a strong interest in taxing large technology companies through digital advertising taxes, social media taxes, and data taxes.

What is notably absent is any consistent rationale for these new proposals. 

On this episode of the Deduction, Tax Foundation's Daniel Bunn and Jared Walczak untangle the complex and sometimes contradictory world of state digital taxes.

Learn more about the legal difficulties, administrative challenges, and economic inefficiencies this emerging area of state tax policy faces.

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

Jun 07, 2021
Pleading GILTI: A Guide to the Complicated World of Global Intangible Low Tax Income
1467

Policymakers in Washington are edging closer to a deal on an infrastructure package. But while many believe it will be an economic boon to workers across the country, one provision tucked deep into the American Jobs Plan could jeopardize jobs across the country. 

On this episode of The Deduction, we speak with Pam Olson, Tax Foundation Board Member and Consultant on Tax Policy Services at PwC, about the tax on Global Intangible Low Tax Income, or “GILTI."

In 2017, GILTI was implemented as a minimum tax designed to disincentivize U.S. companies from shifting profits overseas, but it doesn't work how drafters intended, and now President Biden has proposed doubling it.

Learn more about this niche international policy and its deceivingly large impact on U.S. competitiveness and the economy.

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May 24, 2021
Recreational Marijuana Taxes
2151

Tax Foundation President Scott Hodge is joined by Senior Policy Analyst Ulrik Boesen to discuss the taxation of cannabis (marijuana).

The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. New York recently became one of the latest states to legalize it.

Join us as we dive into the complex world of marijuana taxation and explain how policymakers should approach designing such taxes.

Creative Commons Attribution:  "Richard Strauss: Also Sprach Zarathustra” by Kevin MacLeod


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Apr 02, 2021
The World of Excise Taxation
1687

Senior Policy Analyst Ulrik Boesen joins Tax Foundation President Scott Hodge discuss and explore the wide and varied world of excise taxation.

Marijuana, betting,  soda, ride-sharing—over the last decade, the excise tax family has grown significantly and it's more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.

Learn about the history of excise taxes, how they impact government revenues and the economy, and where we see today's trends leading in this episode of The Deduction.

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Mar 22, 2021
How Should R&D Be Taxed?
1950

Tax Foundation President Scott Hodge is joined by economist Erica York and Senior Policy Analyst Garrett Watson to answer a question U.S. policymakers have been asking for decades: how should we tax research and development (R&D)?

R&D is more important than ever as pharmaceutical companies and governments around the world invest in coronavirus research and supply chains.

But are the policies currently on the books—the R&D credit and immediate deduction for R&D expenses (soon to be amortized over 5 years)—the best way to encourage innovation? 

What other tools do policymakers have at their disposal and what does the future hold for the taxation of R&D in America?

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Mar 08, 2021
Interview: Ken Kies, former Joint Committee on Taxation (JCT) Chief of Staff
1707

Tax Foundation President Scott Hodge interviews Ken Kies, former Chief of Staff for the Joint Committee on Taxation (JCT) from 1995 to 1998.

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Feb 22, 2021
Understanding Tariffs
1683

Economist Erica York joins Tax Foundation President Scott Hodge to discuss one of the most misunderstood issues in tax policy: tariffs.

Depending on your perspective, tariffs are either a great way to tax countries like China for their protectionist trade policies or they are a big reason why all those imported toys, clothing and holiday gifts cost more than you expected.

You'll learn what tariffs are, how they function, and how they can impact the domestic U.S. economy.

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Feb 08, 2021
Congressional Budget Reconciliation
2033

Rohit Kumar, principal and leader of PwC's Washington National Tax Services Tax Policy Services group in Washington, D.C., joins Tax Foundation President Scott Hodge to discuss the congressional budget reconciliation process: what it is, how it works, and the role that politics will play in it for the 117th Congress as well as President Biden's policy agenda.

Prior to joining PwC, Mr. Kumar served in a number of distinguished government positions. He worked in close collaboration with three Senate leaders-- including 11 years with Senate Republican Leader Mitch McConnell, for whom he served as Domestic Policy Director and Deputy Chief of Staff.

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Jan 25, 2021
Digital Services Taxes
1515

The digitalization of the global economy has brought with it increased opportunity and connectedness, but also new business models that elude existing tax structures.

Over the last several years, policymakers in countries around the world have groped for new ways to tax e-commerce, social media, cloud-based, and other online businesses, in some cases stoking major international trade disputes in the process.

In this episode of The Deduction, we explore the “digital services tax” (DST), one new and increasingly popular policy designed to address the digital economy.

Tax Foundation V.P. of Global Projects Daniel Bunn joins President Scott Hodge to explore what DSTs are, who pays them, why they’re being considered, and all the new challenges they present.

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Jan 12, 2021
Corporate Tax Rates Around the World
1561

What is driving the downward trend in corporate tax rates and will it continue? Is it truly a "race to the bottom?" Why do corporate tax rates matter in the first place? How does the U.S. rate compare and could that change in the coming years?

Tax Foundation Policy Analyst Elke Asen joins President Scott Hodge to discuss the latest data on corporate tax rates around the world. 

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

Dec 14, 2020
Taxing Times: One Virginia Brewer’s Experience During COVID-19
1838

On this episode, we take a more personal look at taxes and particularly their effects on small businesses and entrepreneurs facing the challenges of the COVID-19 pandemic.

Over the past eight months, the U.S. has seen tens of thousands of small businesses close their doors, and we think it's important for us to do our part to highlight the role that tax policy can play in supporting small businesses and clearing a path to a post-pandemic economic recovery.

We recently sat down with the owners of Black Narrows Brewing Company, a family-owned craft brewery situated in a small island-town on Virginia’s scenic Eastern Shore, to discuss the challenges they face as a small business during COVID-19 and what they would like to see legislators do to reduce short- and long-term barriers for entrepreneurs.

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

Nov 17, 2020
The Future of Tax Policy with Douglas Holtz-Eakin
1650

What do election results mean for the future of the federal tax code? What role will tax policy play in curbing the economic effects of the COVID-19 pandemic? How should policymakers address the federal deficit and could a carbon tax be part of that solution? How much of President-elect Joe Biden's pre-election tax plan will actually come to pass?

Tax Foundation President Scott Hodge and special guest, Doug Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, offer their insight on these and other pressing questions.

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

Nov 14, 2020
2020 State Tax Ballot Initiatives and the Future of State Tax Policy
1843

They may not draw as much attention as elections for office, but Election Day 2020 will also feature a number of important votes on tax-related ballot initiatives in states around the country. What are the ballot measures taxpayers should be paying attention to this year and what could they mean for the future of state tax policy? Tax Foundation Vice President of State Projects Jared Walczak and Senior Policy Analyst Katherine Loughead break down measures ranging from recreational marijuana legalization in New Jersey and Montana to income tax increases in Illinois and Arizona. 

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Oct 26, 2020
Who Will Pay for the Roads? The Future of Transportation Taxes
1363

Some post-COVID projections show the highway trust fund running out as early as 2021. Meanwhile, most state gas taxes are losing value every year due to inflation. What can the U.S. do to raise the revenue needed for infrastructure upkeep and accurately internalize the costs associated with road usage? 

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

Oct 12, 2020
Joe Biden’s Tax Plan Explained
2252

Depending on the outcome of the 2020 presidential election, we could be looking at a very different tax code in the years to come. What tax changes has former Vice President Joe Biden proposed and what would they mean for U.S. taxpayers, businesses, and the overall economy? 

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Sep 25, 2020