Taxes
Latest
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2025 Reconciliation Resources
The 119th Congress is expected to use the reconciliation process to pass legislation with a significant fiscal impact, such as extending the expiring...
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Interest Costs Would Explode with $5.5 Trillion Reconciliation Package
A recent press report indicated that House leadership may be considering a budget resolution that would allow up to $5.5 trillion of net primary...
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How Much Revenue Will Trump's Tariffs Raise?
On February 1, 2025, President Trump signed three executive orders imposing new tariffs on goods from China, Canada, and Mexico. Below is an update of...
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Weakening the SALT Cap is Costly, Benefits High-Earners, & Increases Tax Complexity
The Tax Policy Center (TPC) recently published analyses of several options to raise the $10,000 State and Local Tax (SALT) deduction cap, which is set...
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Has TCJA Paid For Itself?
In early 2018, following passage of the Tax Cuts and Jobs Act (TCJA), the Congressional Budget Office projected revenue collection would total about...
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Trump’s Latest Tariff Plan Could Raise $1.5 Trillion
President Trump has announced that he is planning to impose a 10 percent tariff on all imports from China and a 25 percent tariff on imports from...
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Putting Numbers to TCJA Dynamic Feedback Estimates
As we have pointed out before, extending the various individual and estate tax provisions of the Tax Cuts and Jobs Act (TCJA) beyond their scheduled...
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Weakening the SALT Cap Would be a Costly Mistake
According to press reports, policymakers are considering changes to the $10,000 state and local tax (SALT) deduction cap as part of their efforts to...
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Deficit-Reducing Reconciliation Is Just What We Need
Earlier today, a group of 28 Members of Congress signed a letter to incoming Congressional leadership recommending a two-step reconciliation process...
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Options to Raise Tariff Revenue
Note: This analysis was updated on 01/30/2025 to include a new estimate. On 01/07/2025, this analysis was updated to better reflect recent estimates...
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Event Recap – 2025: The Fiscal Challenges Ahead
On Tuesday, December 10, 2024, the Committee for a Responsible Federal Budget hosted more than 130 people at an in-person event, " 2025: The Fiscal...
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TCJA Extension Might Not Pay for Any of Itself
New data from the Congressional Budget Office (CBO) finds that economic feedback may not cover any of the revenue loss and that TCJA extension might...