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Jan 14, 2025 | 
taxfoundation.org | Erica York |Alex Durante |Garrett Watson |William McBride |William Mcbride
Note: “The Sustainability of U.S. Debt and Potential Reforms: Fiscal Rules, Spending and Taxes, and a Fiscal Commission,” which has been published in final form in Public Budgeting & Finance at https://doi.org/10.1111/pbaf.12381. This article may be used for non-commercial purposes in accordance with the Wiley Self-Archiving Policy (http://www.wileyauthors.com/self-archiving).
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Nov 28, 2024 | 
onlinelibrary.wiley.com | William McBride |William Mcbride |Erica York |Alex Durante |Garrett Watson
REFERENCES , and . 2022. “How Fiscal Restraint Can Help Fight Inflation.” IMF, https://www.imf.org/en/Blogs/Articles/2022/11/21/how-fiscal-restraint-can-help-fight-inflation , , , and . 2020. “The Impact of Bundled Payment on Health Care Spending, Utilization, and Quality: A Systematic Review.” Health Affairs, https://www.healthaffairs.org/doi/pdf/10.1377/hlthaff.2019.00784 , , and . 2012.
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Nov 15, 2024 | 
taxfoundation.org | Alex Durante |Kyle Hulehan
The Social Security trust funds face looming insolvency if policymakers don’t reform the program. One issue that garners a lot of attention in the debate over solutions is the payroll taxA payroll tax is a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance.
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Oct 9, 2024 | 
taxfoundation.org | Alex Durante
The vice presidential debate covered dozens of issues, and the candidates often framed each topic — from immigration to inflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills.
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Sep 24, 2024 | 
taxfoundation.org | Alex Durante
Key FindingsBy 2035, the Old-Age, Survivors, and Disability Insurance Trust Fund, or the Social Security Trust Fund, will be depleted, and current payroll taxes will only be able to fund 83 percent of the scheduled benefits. Absent any reforms, Social Security recipients would immediately face a 17 percent cut in benefits.
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Sep 18, 2024 | 
taxfoundation.org | Garrett Watson |Erica York |William McBride |William Mcbride |Alex Durante
As part of the 2024 presidential campaign, Vice President Kamala Harris is proposing to taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. 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.
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Aug 7, 2024 | 
taxfoundation.org | Alex Muresianu |Adam J. Hoffer |Jacob Macumber-Rosin |Alex Durante
Key FindingsThanks to elevated deficits and interest rates, fiscal restraint is back in Washington. While substantially reversing America’s fiscal situation requires structural reforms to entitlements and taxes broadly, reforming transportation funding would also help. The user-pays principle is a sound way to fund major infrastructure projects.
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May 23, 2024 | 
taxfoundation.org | Alex Durante
Key FindingsThe Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufacturers, reducing employment in those industries, raising prices for consumers, and hurting exports. The jobs “saved” in the steel-producing industries from the tariffs came at a high cost to consumers, at roughly $650,000 per job saved according to the Peterson Institute for International Economics.
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Jan 11, 2024 | 
taxfoundation.org | Alex Durante |Kyle Hulehan
Do corporate taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. cuts boost workers’ wages? The answer depends on your time frame. A new research paper from economists at the Joint Committee on Taxation (JCT) and Federal Reserve looked at how the 2017 Tax Cuts and Jobs Act (TCJA) corporate provisions affected wages from 2018 through 2019.
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Dec 13, 2023 | 
taxfoundation.org | Alex Durante |Kyle Hulehan
As part of an omnibus spending package last December, Congress enacted several changes to retirement savings accounts that are scheduled to phase in over the next several years. The legislation expands saving opportunities for taxpayers by allowing additional catch-up contributions for workers approaching retirement, adopting automatic enrollment for certain retirement accounts, reforming the saver’s credit, and offering a new type of emergency savings account, among other changes.
