Your #DailyDeduction from the Tax Policy Center | Tax Changes From Capitol Hill To State Capitals taxpolicycenter.org/tax-changes-ca…

Cuts to Medicaid and SNAP may compel states to make tough choices among spending cuts (with potential effects on programs and services), tax hikes, or both. tpc.io/3YTWKum

Tariffs are scheduled to increase to extraordinarily high rates at the beginning of August, ranging from as high as 48% on women’s clothing, 40% on books, and even 22% on baked goods, per TPC estimates. tpc.io/40LPPUT

The reconciliation act includes a temporary $6,000 deduction for taxpayers over age 65, but does not eliminate taxes on Social Security. tpc.io/4nVVuSu

Tariffs have many costs, including higher prices for consumers and businesses. So does uncertainty about tariff rates. tpc.io/3RkcS4d

Read TPCs analysis of the 2025 budget reconciliation act: tpc.io/4nyqO9t

Cuts to Medicaid and SNAP may compel states to make tough choices among spending cuts (with potential effects on programs and services), tax hikes, or both. tpc.io/3YTWKum

Tariffs are scheduled to increase to extraordinarily high rates at the beginning of August, ranging from as high as 48% on women’s clothing, 40% on books, and even 22% on baked goods, per TPC estimates. tpc.io/40LPPUT

The reconciliation act includes a temporary $6,000 deduction for taxpayers over age 65, but does not eliminate taxes on Social Security. tpc.io/4nVVuSu

Your #DailyDeduction from the Tax Policy Center | Changing Tax Code Raises New Questions For Taxpayers And The IRS taxpolicycenter.org/changing-tax-c…

OBBBA will also worsen social security’s solvency problems by reducing the taxes relatively higher-income seniors pay in their benefits (and deporting undocumented workers who pay social security tax but receive no benefits).

Tariffs have many costs, including higher prices for consumers and businesses. So does uncertainty about tariff rates. tpc.io/3RkcS4d

It's cool how Tax Policy Center teamed up with Urban Institute ⬇️ to distribute OBBBA's tax & transfer effects. TCJA in 2017 & esp. now OBBBA were more than tax laws. I'm a tax guy who likes tax tables, but just talking about OBBBA tax effects is incomplete if not misleading.

The reconciliation act includes a temporary $6,000 deduction for taxpayers over age 65, but does not eliminate taxes on Social Security. tpc.io/4nVVuSu

Cuts to Medicaid and SNAP may compel states to make tough choices among spending cuts (with potential effects on programs and services), tax hikes, or both. tpc.io/3YTWKum

Congress has authorized Treasury to issue about two dozen new tax regulations that affect taxpayers from restaurant servers to international businesses—while cutting the IRS enforcement budget. tpc.io/40PbdbT

Read TPCs analysis of the 2025 budget reconciliation bill: tpc.io/4nyqO9t

The reconciliation act includes a temporary $6,000 deduction for taxpayers over age 65, but does not eliminate taxes on Social Security. tpc.io/4nVVuSu

Tariffs are scheduled to increase to extraordinarily high rates at the beginning of August, ranging from as high as 48% on women’s clothing, 40% on books, and even 22% on baked goods, per TPC estimates. tpc.io/40LPPUT

The reconciliation act includes a temporary $6,000 deduction for taxpayers over age 65, but does not eliminate taxes on Social Security. tpc.io/4nVVuSu