The Deduction

Latest Episodes:

Election Insights | Taxes, Kamala Harris, and the DNC’s Vision Aug 28, 2024

Show notes

Dive into the highlights from the DNC as we break down Vice President Kamala Harris's tax proposals and their potential impact on everyday families. What do higher taxes on businesses and the wealthy mean for working Americans?
Erica York, Senior Economist and Research Director, joins Kyle Hulehan to examine her VP pick, Tim Walz, and how his progressive tax policies have shaped Minnesota's economy. Plus, we’ll take a closer look at Harris's child tax credit expansion.

Links:
https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/

https://taxfoundation.org/blog/tim-walz-tax-policies/
https://taxfoundation.org/research/federal-tax/2024-tax-plans/

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Do Americans Abroad Still Pay US Taxes? Aug 15, 2024

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How does living abroad impact the taxes an American has to pay? Unlike most countries that tax based on residency, the US employs citizenship-based taxation, meaning Americans are taxed on their global income regardless of where they reside. This unique system creates a web of complexities, including stringent reporting requirements and potential penalties, which can leave many US citizens feeling overwhelmed.
In this discussion, Marylouise Serrato from American Citizens Abroad, joins Kyle Hulehan to explore the implications of FATCA for Americans living outside the United States. Together, they’ll unpack the compliance hurdles and misconceptions surrounding US tax obligations abroad, offering insights on the future of tax policy and its impact on the global American community.
Links:
https://www.americansabroad.org/

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Pillar Two: Electric Boogaloo Jul 30, 2024

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The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion. Today, we untangle the key aspects of these proposals, diving into the latest updates, compliance hurdles, and their ripple effects on industries and smaller nations.

Join Daniel Bunn, President & CEO of the Tax Foundation, and Senior Economist Alan Cole, as they sit down with Kyle Hulehan to explore what the future holds for global taxation and what it means for the United States.
Links:
https://taxfoundation.org/blog/global-tax-agreement/
https://taxfoundation.org/blog/pillar-two-flaw/
https://taxfoundation.org/taxedu/glossary/oecd-pillar-2-global-minimum-tax/

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Tax Cuts vs. Tax Reform Jul 09, 2024

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Tax cuts vs. tax reform: what’s the real difference, and why does it matter? In this episode, we uncover why retroactive tax cuts and temporary tax breaks often miss the mark for long-term growth and how revenue-neutral tax reform can streamline the tax system without altering overall federal revenue.

Erica York, Senior Economist and Research Director at the Tax Foundation, joins host Kyle Hulehan to reveal the true impact of tax policies on households and businesses and discuss how changes in marginal tax rates drive economic decisions.

Links:

https://taxfoundation.org/blog/unified-theory-misconceptions-tax-reform-debate/

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A Big-Picture Look at Taxing the Wealthy Jun 25, 2024

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Taxing wealth has become a hot-button issue in today’s political discourse, promising to reshape economic equality. But what are the real-world implications of such policies? In this episode, we dive into the contentious world of taxing wealth, examine how a progressive tax system aims to balance fairness and revenue generation, and explore the potential impacts and broader implications for economic policy and social equity.

Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to dissect the fundamentals of taxing wealth. They discuss the challenges of implementation, potential long-term consequences for the broader economy, and alternative policy options that could achieve progressivity while maintaining economic growth.

Links:

https://taxfoundation.org/blog/taxing-consumption-progressively-tax-the-wealthy/

https://taxfoundation.org/blog/federal-tax-code-progressive-rich/

https://taxfoundation.org/blog/us-pandemic-response-inequality-progressivity/

https://taxfoundation.org/research/all/federal/tax-fairness-funding-government-investments/

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Trump and Biden’s Tariff Tango Jun 04, 2024

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Tariffs are a hot topic this election cycle for both President Biden and former President Trump. But why are tariffs so popular despite their economic downsides? In this episode, we unpack tariffs’ role in the political playbook, their impact on manufacturing jobs and consumers, and the Biden administration's review of Trump-era tariffs.
Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to break down the basics of tariffs, explore historical tariff failures, and discuss the potential long-term effects of maintaining or increasing tariffs.
Links:

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A Journey Through Germany’s Tax Laws May 21, 2024

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Get ready to hit the autobahn and explore the world of German taxes! We'll navigate the complexities of Germany’s corporate tax structure, including the combined federal and local rates, and unravel the complexities of local trade taxes and the real estate transaction tax, exploring their impact on businesses and property investments.
Alex Mengden, Global Policy Analyst, joins Kyle Hulehan to discuss Germany's unique federal system shaping state and local taxes, the intricacies of the value-added tax (VAT), and the substantial labor tax burden.
Links:
https://taxfoundation.org/data/all/eu/germany-trade-tax-rates/

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From Gallons to Miles: Rethinking Road Taxes May 07, 2024

Show notes

Buckle up as we navigate the twists and turns of infrastructure and road funding. As electric vehicles gain traction, traditional gas taxes are running out of fuel to support our infrastructure budget. Today, we're exploring how Vehicle Miles Traveled (VMT) taxes pave a more equitable and sustainable path for funding road maintenance and construction.

Adam Hoffer, the Director of Excise Tax Policy, joins Kyle Hulehan to unpack the challenges and opportunities of VMT taxes. They will explore the innovative technologies used for mileage tracking and address the significant privacy concerns involved.
Links:
https://taxfoundation.org/research/all/federal/road-funding-vehicle-miles-traveled-tax/
https://taxfoundation.org/taxedu/glossary/gas-tax/

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Taxocracy Tales with Scott Hodge Apr 23, 2024

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All taxes tell a story, and today we’ll explore how taxes influenced Bob Dylan's decision to sell his music catalog, how the "chicken tax" reshaped the auto industry, and how the historic "tax on air and light" had profound effects on architecture and living conditions.

Scott Hodge, President Emeritus & Senior Policy Advisor at the Tax Foundation, joins host Kyle Hulehan to discuss his new book, Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life.

Links:
https://www.amazon.com/Taxocracy-What-About-Taxes-Daily/dp/B0CL3BXBVS

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Survey Says Tax Confusion Apr 09, 2024

Show notes

All Americans are affected by the tax code—but do they understand the tax code? To find out, the Tax Foundation’s educational program, TaxEDU, and Center for Federal Tax Policy conducted a poll with Public Policy Polling. The poll surveyed more than 2,700 U.S. taxpayers over 18 years old—spanning the political spectrum and income distribution—to gauge Americans’ knowledge of basic tax concepts and opinions of the current tax code.

The results: most Americans are confused by and dissatisfied with the federal tax code.
Links:
https://taxfoundation.org/blog/national-tax-literacy-poll-education/

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