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Robust and well-publicized circuit breakers have immense potential to improve property tax affordability and reduce the overall regressive tilt of property tax systems.

The first 18 months of President Trump’s second term have brought major changes in U.S. tax policy and taken several actions that have boosted inflation. These changes have had significant impacts on the lives of the American people. As a result, middle-income Americans are losing an average of $1,670 in 2026 overall.

In 2025, 706 major American corporations collectively paid a federal income tax rate of just 10.4% on $1.88 trillion in U.S. profits. This is the lowest effective rate that ITEP has uncovered in over 40 years of analyzing corporate income taxes.

The major tax and economic policies of President Trump’s second term have increased taxes and household costs for most Americans except the richest 1%.

Treasury and the IRS proposed a new rule that would further restrict eligibility for the refundable portions of four tax credits. The rule would affect primarily lawfully present immigrants authorized to work in the U.S. and their family members, including their children, the vast majority of whom are citizens.

Nearly two-thirds of states (plus the District of Columbia and Puerto Rico) have an Earned Income Tax Credit. These credits boost low-paid workers’ incomes and offset some of the taxes they pay, helping working class families achieve greater economic security.

Sixteen states provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. State lawmakers have several options to maximize the impact of Child Tax Credits.

Large cities have the technical capacity, the economic base, and often more political might than smaller localities and governments that local officials should utilize to design fairer tax systems.

New Treasury Department public regulations would drastically reduce tax credit claims by DACA recipients and their families, among others. We find that 158,000 people in households with at least one DACA recipient will suffer financial harm, and that more than half of the impacted individuals are U.S. citizens.

Congress could use its taxing power to ensure a fairer distribution of the fruits of labor, innovation and investment, address the specific harms (the negative externalities) of AI specifically, and acquire a public stake in the companies that are driving the AI revolution.