The Deduction

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Biden’s Budget Battle Mar 31, 2022

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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 Solis to break down what the President is proposing for this upcoming fiscal year. Garrett discusses what the budget could actually means for the policy debate in D.C., as well as what its impact would be on the U.S. economy in the face of record-high inflation.

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Let’s Make a Global Tax Deal Mar 17, 2022

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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 tax system.

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A Gas Tax Holiday Mar 03, 2022

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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 Solis on this week's episode of The Deduction to discuss why suspending the gas tax would be a mistake and what lawmakers could do to help with the rising costs of gas.

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The Child Tax Credit Score Feb 17, 2022

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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 ever-changing Child Tax Credit and how it may impact taxpayers’ this spring as they continue to file their taxes.

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States on the Move: Cutting Across Party Lines Feb 03, 2022

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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 make so many tax changes now and how these proposals might play out in statehouses.

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Tax Season's Greetings Jan 20, 2022

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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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A Stimulating COVID-19 Discussion Jan 13, 2022

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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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Taxing Decisions, 2021: Minisode 4 Waiting on the Senate Dec 02, 2021

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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 SALT to the Child Tax Credit--could change in order to gain enough support for passage.

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Taxing Decisions, 2021: Minisode 3 Revenge of the SALT Nov 11, 2021

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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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Taxing Decisions, 2021: Minisode 2 Oct 28, 2021

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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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