The Deduction

What happens to your taxes when the Tax Cuts and Jobs Act expires on January 1, 2026? In this episode, we explore the potential tax hikes facing millions of Americans and the debate over measuring the budgetary impacts of extending tax cuts. Kyle is joined by Erica York, Senior Economist and Research Director, along with Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation. Together, they compare current policy with current law baselines and dive into how these decisions could impact future deficits, economic growth, and fiscal policy.Links: https://taxfoundation.org/blog/extending-tax-cuts-budgetary-impact/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Join us on November 15th at 12:00 pm EST for our upcoming webinar as our experts seek to answer this question and provide insight on many more.Our experts will recap the election and provide insights on what to expect in 2025. We will also take some time to explore what US tax and trade policy shifts could mean for other countries, particularly in Europe.Tax Foundation’s President & CEO Daniel Bunn will lead a discussion with Tax Foundation’s own Will McBride and Erica York, who will focus on what the election means for US federal tax policy, and Sean Bray, who will link US tax developments to the European policy landscape.Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Join hosts Kyle Hulehan and Erica York in this episode of The Deduction as they break down the US tax policy implications of Donald Trump’s next presidential term. With the GOP gaining control over the White House and likely both chambers of Congress, the discussion centers around potential legislative changes, the future of tax cuts, and the impact of tariffs on everyday taxpayers. Get insights into what Trump’s tax extensions and new proposals could mean for the economy, federal revenue, and household finances.  Links: https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ https://taxfoundation.org/blog/trump-tariffs-revenue-estimates/ https://taxfoundation.org/blog/largest-tax-increase-harris-trump/ Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Can tariffs truly replace income taxes in today’s economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?To unpack these questions, Kyle Hulehan is joined by Erica York, Senior Economist and Research Director, as they explore the impact of tariffs on household budgets and the economy as a whole. They’ll also revisit the McKinley Tariff era to see what history can teach us about the possible political backlash and economic consequences.Links: https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/https://taxfoundation.org/research/federal-tax/2024-tax-plans/https://taxfoundation.org/blog/trump-income-tax-tariff-proposals/https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/https://taxfoundation.org/blog/import-tariffs-affect-exports/https://taxfoundation.org/blog/economic-effects-taxes-tariffs/Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show