Trump Tax Policies

This unilateral corporate tax cut from the Trump administration will cost $10 billion over a decade unless it is reversed.

The results are a mixed bag, with some states enacting promising policies that will improve tax equity and others going in the opposite direction.

Four of the corporations whose CEOs flanked President Trump at his 2025 inauguration ceremony have now disclosed that they collectively received $51 billion in federal tax breaks in 2025, much of that likely from the One Big Beautiful Bill Act (OBBBA).

Despite wintry conditions across much of the country, that hasn’t stopped state lawmakers from debating major tax policy changes.

The company paid an effective federal income tax rate of just over 3.5% in 2025, the lowest it has recorded since the company went public as Facebook in 2012.

The Trump administration’s Council of Economic Advisors suggests that states consider drastically raising sales taxes and using those new revenues to pay for repealing taxes on corporate and personal income. Working-class families would face dramatic tax increases while the nation’s wealthiest families would see their state tax bills plummet.

Her timely book, The Second Estate: How the Tax Code Made an American Aristocracy, walks readers through federal tax policy history and the modern-day legal maneuvers the wealthy use to pay little to no taxes

They should take steps to protect and boost their own revenues. And they should take a second look at their own tax cuts.

2025 saw an intensification of state and local tax fights across the country, as well as growing experimentation with local-option taxes, levies, fees, and tourism taxes aimed at keeping budgets afloat while also navigating political constraints imposed by state legislatures.

While this guidance is sorely needed to clean up the mess created by a hasty Congress, these notices stand in sharp contrast to the deregulatory, anti-tax approach that the Treasury Department has taken.

From Congressional discussions over the so-called "One Big Beautiful Bill Act" to debates on property taxes, ITEP kept busy this year analyzing tax proposals and showing Americans across the country how tax decisions affect them.

His 900-word New York Times op-ed identifies some sensible federal tax reform ideas that would create a fairer, more sustainable tax system.

The U.S. needs a tax code that is more progressive and that raises more revenue than the one we have now. An important way to achieve this is to reform the taxation of business profits. These four key policy reforms would greatly strengthen the corporate tax system: Eliminating or restricting special breaks and loopholes that […]

Corporations have publicly revealed that they are passing the cost of tariffs on to Americans—the opposite of what the executive branch has said is happening.

It’s wildly inappropriate for a U.S. Treasury Secretary to lean on states to adopt or not adopt specific federal provisions in their own state tax codes.

State deductions for tips and overtime are not only ineffective at supporting working-class people, it will come at a substantial cost to state budgets.

An unknown number of workers who previously were assumed to be ineligible for the tax break may nonetheless claim it.

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.

The Opportunity Zones program benefits wealthy investors more than it benefits disadvantaged communities.

The move was expected, given heavy lobbying from tax prep companies like Intuit and H&R Block to put a halt to the IRS’s popular Direct File program.

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.