Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.| Tax Foundation
Exempting overtime would unnecessarily complicate the tax code, increase compliance and administrative costs, and reduce neutrality by favoring certain work arrangements over others.| Tax Foundation
Note: This analysis has been updated to incorporate new proposals announced by the candidates since we initially published on October 7.| Committee for a Responsible Federal Budget
Estimating the economic effects of different types of taxes informs policymakers about the trade-offs of raising revenue in a given way.| Tax Foundation
Now that Donald Trump has won the presidential election, here's what to know about his economic plans.| TIME
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
The tariffs amount to an average tax increase of nearly $1,200 per US household in 2025.| Tax Foundation
Historical evidence and recent studies show that tariffs are taxes that raise prices and reduce available quantities of goods and services for US businesses and consumers, which results in lower income, reduced employment, and lower economic output.| Tax Foundation
President-elect Trump may want to impose tariffs to encourage investment and work, but his strategy will backfire. Tariffs will certainly create benefits for protected industries, but those benefits come at the expense of consumers and other industries throughout the economy.| Tax Foundation
Lawmakers will need to pursue fiscal responsibility as they address the tax law expirations, but fiscal responsibility requires finding sound ways to pay for spending priorities. Tariffs don’t make the cut.| Tax Foundation
On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax.| Tax Foundation
Vice President Kamala Harris and former President Donald Trump touted policy proposals and traded barbs Tuesday during a presidential debate.| Louisiana Illuminator
Tax policy has become a significant focus of the U.S. 2024 presidential election. Our new interactive tool helps keep track of the tax policies proposed by presidential candidates during their campaigns.| Tax Foundation