Blog - OBBBA
4 posts
Well, That Was Fast: Trump Tax Law’s New Corporate Breaks are Already Worsening the Deficit
October 9, 2025 • By ITEP Staff
Corporate income taxes for the fiscal year that ended in September are $77 billion lower than in the previous year, a 15 percent drop.
The Trump Megabill Hands the Rich a Gift — and Sends the Bill to Young Americans
August 21, 2025 • By ITEP Staff
Trump's megabill directs most benefits to the wealthy, while leaving younger generations with higher taxes, more debt, and fewer opportunities. For Millennials and Gen Z, it means reduced public investment and an economy less likely to work in their favor.
SALT in the Wound: New Tax Law’s Limit on State Tax Deductions Exempts Some of the Very Wealthiest
August 21, 2025 • By ITEP Staff
The new tax law enacted last month found a temporary compromise on the level of the cap, boosting it to $40,000 through 2029, but failed to fix a loophole that allows some rich taxpayers with good accountants to completely avoid the cap
Trump’s Tax Law Clobbers State Budgets. Now’s the Time to Prepare.
August 13, 2025 • By ITEP Staff
The Trump megabill hands the richest 1% a trillion-dollar windfall while gutting funding for health care, education, and disaster relief — leaving communities to pick up the pieces. State and local leaders must step up, tax the wealthiest fairly, and safeguard the essentials that keep America healthy, educated, and safe.
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