One Big Beautiful Bill Act (OBBB) | Tax Foundation
Explore our latest tax policy research, analysis, and commentary of the One Big Beautiful Bill Act (OBBB). Learn more from Tax Foundation's experts.| Tax Foundation
Explore our latest tax policy research, analysis, and commentary of the One Big Beautiful Bill Act (OBBB). Learn more from Tax Foundation's experts.| Tax Foundation
The federal child tax credit (CTC) is a partially refundable credit that allows low- and moderate-income families to reduce their tax liability dollar-for-dollar by up to $2,000 for each qualifying child.| Tax Foundation
We estimate the One Big Beautiful Bill Act would increase long-run GDP by 1.2 percent and reduce federal tax revenue by $5 trillion over the next decade on a conventional basis.| Tax Foundation
Policymakers have passed legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new tax provisions.| Tax Foundation
The principles of sound tax policy should serve as touchstones for policymakers everywhere. See Tax Foundation principles.| Tax Foundation
The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. The Tax Cuts and Jobs Act capped it at $10,000 per year, consisting of property taxes plus state income or sales taxes, but not both.| Tax Foundation
Excise taxes are taxes imposed on a specific good or activity. They are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and make up a relatively small and volatile portion of state and local tax collections.| Tax Foundation
President Trump has called for permanent extension of the 2017 tax cuts, additional policies including no taxes on tips, overtime pay, and Social Security benefits for retirees, and has also promised higher taxes on US imports through a series of new tariffs.| Tax Foundation
Permanently extending the expiring individual, estate, and business tax provisions would boost long-run economic output by 1.1 percent, the capital stock by 0.7 percent, wages by 0.5 percent, and hours worked by 847,000 full-time equivalent jobs.| Tax Foundation
“No tax on tips” might be a catchy idea on the campaign trail. But it could create plenty of headaches, from figuring out tips on previously untipped services to an unexpectedly large loss of federal revenue.| Tax Foundation
The standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act as an incentive for taxpayers not to itemize deductions when filing their federal income taxes.| Tax Foundation
A tax deduction is a provision that reduces taxable income. A standard deduction is a single deduction at a fixed amount. Itemized deductions are popular among higher-income taxpayers who often have significant deductible expenses, such as state/local taxes paid, mortgage interest, and charitable contributions.| Tax Foundation
We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts.| Tax Foundation
Unless Congress acts, Americans are in for a tax hike in 2026.| Tax Foundation
