I wrote a little something about the federal budget. wsj.com/politics/polic…

"financing the expanded CTC with a hike in the corporate tax rate would require a full 10-percentage-point increase." American Action Forum finds the CIT for CTC swap leads to: Labor supply⬇️ Wages⬇️ Consumption⬇️ Investment⬇️ GDP⬇️ Not a good trade. americanactionforum.org/daily-dish/how…

The new 15% global minimum tax that's now effective in almost 40 countries is barely having an impact on many of the 100 largest US companies so far But it has prompted low-tax jurisdictions to raise their corporate tax rates. news.bloombergtax.com/daily-tax-repo…

>Speaker Mike Johnson outlines some GOP tax priorities if Republicans recapture Congress and the White House: - Restoring “immediate” biz expensing - Maintaining 2x standard deduction - “Stronger” child tax credit - Unwinding IRA energy provisions

Trump promises to "get SALT back, lower your Taxes, and so much more" if he wins. SALT was capped in the 2017 bill he signed. Eliminating the deduction altogether would raise about $2 T over 10 years. A permanent $10k cap would raise ~$1.2 T 2026-2033 taxfoundation.org/blog/salt-dedu…

Removing the $10,000 SALT cap from TCJA permanence would add nearly $1 trillion to the 10-year score.

Taking an extended $10K SALT cap out of TCJA extension would raise the gross cost of individual and business permanence to nearly $5.2 trillion over ten years.

We're supposed be broadening the tax base and lowering the rates, not mangling the base with overtime, tip, and Social Security benefit tax exemptions and giving up hard-won base broadening from 2017!

They don't know they got less than $10k of SALT pre-TCJA thanks to AMT and Pease

Trump's tax cut promises now surpass $8.5 trillion over a decade: TCJA permanence minus SALT = -$5.3 trillion Exempt tips, Social Security, OT = -$2.9 trillion (or more) Lower the corporate rate to 15% = -$440 billion

This tweet could have been in all caps.

Why is no one talking about this? marginalrevolution.com/marginalrevolu…, #HallofShame

Excellent analysis from Elodie Lamer on the wide distribution of tax policy responsibilities in von der Leyen's new Commission. Hoekstra, Šefčovič, Dombrovskis, Jørgensen, Ribera. What's the saying, "when everyone is responsible, no one is responsible"? taxnotes.com/tax-notes-toda…

You get a tax cut! And you get a tax cut! And you... This is not an economic policy. This is how a tv star goes for ratings during sweeps week. No one should vote for this program. (If it is all just a lie, that is not reassuring) See Tax Foundation Erica York assessment

This is all very easily verifiable information which makes lying about it all the more puzzling. In this case Jeffries implies "shredding" the middle class means delivering tax cuts to ~85% of filers worth $450 to $2000. x.com/RepJeffries/st…

How much SALT was deductible for taxpayers in the AMT prior to TCJA?

The OECD will host a high-level signing ceremony of the STTR multilateral instrument tomorrow.

While insisting only the Fed's mandate, not politics/election, goes into their decision, Powell notes their actions "affect economic conditions with a lag," i.e. to influence the election, they'd have had to move a lot sooner than this.

As part of the 2024 presidential campaign, Vice President Kamala Harris is proposing to tax long-term capital gains at a top rate of 33 percent for high earners, taking the top federal rate to highs not seen since 1978. taxfoundation.org/blog/harris-ca…