OBBBA

The 2025 federal tax law risks making 529 plans more costly for states by increasing tax avoidance and allowing wealthy families to use these funds for private and religious K-12 schools.

Corporate income taxes for the fiscal year that ended in September are $77 billion lower than in the previous year, a 15 percent drop.

States should decouple from the federal Qualified Small Business Stock (QSBS) exemption.

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.

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

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.