OBBBA

Meta’s earnings setback is entirely attributable to an important tax reform championed by the Biden administration in 2022.

States should immediately decouple from four costly corporate tax provisions in the new federal tax law.

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

Many lawmakers who were vocal supporters of this bill will see direct personal benefits while most of their constituents benefit little or will be worse off.

President Trump’s massive tax-and-spending bill continues the administration’s assault on racial and economic justice by prioritizing tax breaks for the top 1% while neglecting the economic well-being of poor and working families of all races, especially people of color.

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

The IRS's capacity to prevent big multinational corporations from avoiding income taxes is facing a generational crisis.

A drafting error in the 2017 tax law will cost U.S. taxpayers over $1 billion in unintended tax cuts for big multinationals.

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 megabill will raise taxes on the poorest 40 percent of Americans, barely cut them for the middle 20 percent, and cut them tremendously for the wealthiest Americans next year.

Nobody should be too excited and think this means our country is headed toward lower deficits - especially when the administration recently signed one of the most expensive budget reconciliation bills in history.

This country’s biggest historical challenge has been delivering this progress to all Americans, but Republicans have cut it back for everyone, retreating from many 20th century achievements in ways that will slam doors, rather than opening them, for the next generation.

$117 billion is a big number, so we thought it could use a little context.

Congress and the president could have spent less than half that much money on a tax bill that does more for working-class and middle-class households.

President Trump has signed into law the tax and spending “megabill” that largely favors the richest taxpayers and provides working-class Americans with relatively small tax cuts that will in many cases be more than offset by Trump's tariffs.

The Trump megabill will give the top 1 percent tax cuts totaling $1.02 trillion over the next decade. For comparison, the bill’s cuts to the Medicaid health care program will total $930 billion over the same period.

It is clear that this tax credit has the potential to come with an enormous cost if private school groups are successful in convincing their supporters to participate. In these times of very high debt and deficits, this is reason for all of us to be uneasy.

As federal aid ends and economic uncertainty grows, local governments face tough budget choices. Now is the time for localities to protect vulnerable residents and build stronger, more equitable fiscal foundations.

The predominant feature of the tax and spending bill working its way through Congress is a massive tax cut for the richest 1 percent — a $114 billion benefit to the wealthiest people in the country in 2026 alone.

The Senate tax bill under debate right now would bring very large tax cuts to very high-income people. In total, the richest 1 percent would receive $114 billion in tax cuts next year alone. That would amount to nearly $61,000 for each of these affluent households.

Compared to its House counterpart, the Senate bill makes certain tax provisions more generous, including corporate tax breaks that it makes permanent rather than temporary. But the bottom line for both is the same. Both bills give more tax cuts to the richest 1 percent than to the entire bottom 60 percent of Americans, and both bills particularly favor high-income people living in more conservative states.

No matter how much Senate leadership bends the rules to make their tax cuts look better on paper, the cost and impact on the deficit remains the same under a current policy baseline. It’s a move meant to mask the true cost and push a reckless bill through.

The auto loan interest deduction that recently passed the House is designed, at least in part, to mitigate the impact of tariff-induced price increases on vehicles assembled in America. But the deduction is incapable of offsetting even small-scale price increases, especially for working-class families and others with moderate incomes.

Our tax policies enable people like Elon Musk and Donald Trump to accumulate more wealth than anyone could ever use in a lifetime. They then use it to steer elections and shape public policy to further enrich themselves and others like them. We should defeat the enormously destructive tax bill in Congress and instead craft tax policy that taxes the rich, makes our democracy more fair, and returns resources to the rest of the country.