Citations

The One Big Beautiful Bill Act (OBBBA) made major changes to public programs and the federal tax code. It included about $4.5 trillion in tax cuts, with most of the benefits going to higher-income households. To help pay for those tax cuts, the law also reduced funding for health care and food assistance and shifted some federal costs onto the states.

In fact, thanks to the legislation’s expansion of the state’s Working Families Tax Credit and elimination of sales taxes on several categories of items, 95% of Washington households will pay less in state taxes, according to an analysis by the Institute on Taxation and Economic Policy.

The QSBS exclusion allows investors who buy stock in a “qualified business” to write off as much as 100 percent of their capital gains when they sell that stock, in some cases delivering millions of dollars in tax breaks. 

U.S. Senator Chris Van Hollen and U.S. Representative Brittany Pettersen led their colleagues in reintroducing the Disclosure of Tax Havens and Offshoring Act, legislation to provide transparency around corporations’ use of tax havens and incentives to offshore jobs.

In early August, Missouri voters will decide one of the most consequential state tax policy questions in recent memory: whether to eliminate their state’s personal income tax.

Proposition 3 will appear on the November 2026 statewide ballot, asking California voters whether to make permanent the higher-income tax rates on the state’s highest earners. 

Immigrants made up 29 percent of Napa County’s workforce as of 2019–23, with those working in the wine and hospitality industry generating an estimated $1.5 billion in county GDP.

According to the Institute on Taxation and Economic Policy, immigrants without documentation contributed $436.5 million in state and local taxes in Colorado in 2022.

“Congress often tinkers with the tax code from one year to the next, so state conformity debates happen all the time, says Carl Davis, research director at the Institute on Taxation and Economic Policy. “But they’re usually much more minor considerations.”

The Institute on Taxation and Economic Policy found the OBBBA “will increase taxes for most Americans, significantly expand income inequality, and add trillions to the national debt, while delivering substantial tax cuts to high-income households, corporations, and foreign investors.”

The recent explosion of artificial intelligence (AI) and the construction of data centers threatens to swallow the US economy and transform society. 

Under H.R. 1, the federal tax package passed last year, the richest 1% of Arizonans are set to receive an average tax cut of nearly $80,000, according to the Institute on Taxation and Economic Policy. The lowest-income 20% of Arizonans will receive about $10. Read more.