tax policy

The next person to live in the White House will have to deal with a number of important tax policy problems, such as the expiring Tax Cuts and Jobs Act (TCJA) changes for individuals and businesses and the growing deficits and debt.

Tax codes should be simple to comply with, administer, and enforce, according to one of the Tax Foundation's principles for solid tax policy.

A total of $80 billion in additional taxes were levied by the Trump administration in numerous rounds of tariffs on $380 billion worth of goods (based on 2018 values), including solar panels, washing machines, and thousands of products from China. Other nations retaliated by introducing their own retaliatory levies. Except for limited exemptions or modifications to some steel and aluminum tariffs, as well as washing machine and solar panel levies, the Biden administration has mostly kept the tariffs in place.

Only three weeks into Spain's EU Council chair, Pedro Sánchez, the country's prime minister, shocked everyone by announcing an immediate election on July 23. These elections might be Spain's final chance to enact pro-growth tax measures at the national level and as the rotating president of the Council, especially before the European Parliament elections, so the stakes are high.

Rep. Jason Smith (R-MO) introduced a bill this month that would tell the Treasury to make a list of countries that tax U.S. taxpayers (including businesses) in unfair or extraterritorial ways, and then raise taxes on companies and people from those countries.

This month, House Republicans put out a big plan to change taxes that would temporarily cut taxes for both businesses and people. The House GOP tax plan is meant to get businesses to spend and help people and families deal with inflation. It does neither of these things well, but some of its rules are a step in the right direction.