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The Latest Breaking News from the Tax Foundation

Even on Pause, Trump's Trade War Runs Up a Big Price Tag

Predictions vary as to the ultimate cost, but there’s no doubt that tariffs create economic pain.

Reason

Despite Trump Pause, Overall US Tariff Rate At Highest In A Century

US President Donald Trump's delay of steeper tariffs may have won brief respite on Wall Street, but analysts say his actions -- which hit China especially hard -- already bring the average US effective tariff rate to its highest in over a century.

International Business Times

Did Donald Trump impose ‘the largest tax hike in our lifetime’?

Tariffs act as a tax on imports, raising prices for consumers. They might be the highest since 1951.

Al Jazeera

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Trump tariffs could help clear the way for bigger tax cuts as Congress eyes a potential revenue windfall — and a shrinking economy

Economists at Citi Research said in a note on Thursday that the aggressive tariffs "may now become a justification for larger tax cuts."

Fortune

Trump’s tariffs in numbers: The biggest losers amid escalating US trade war

As Donald Trump is unleashed a fresh slate of tariffs on so-called ‘Liberation Day’, data correspondent Alicja Hagopian examines which countries are most at risk from new tariffs on up to $3.3 trillion of goods.

The Independent UK

Will Trump’s ‘liberation day’ be the start of a trade war – or another climbdown?

After myriad false starts and much fluctuation, the lingering question is not how far Trump can take his trade wars, but how far he will

The Guardian - US

Trump tariffs: U.S. blames the VAT for Europe trade deficit

A value-added tax is not a tariff, but Trump blames it for America’s trade deficit with the European Union.

Fortune

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Tariffs on Canada, Mexico, and China Could Start This Weekend

Trump's second trade war has apparently arrived. There remains much uncertainty, but expect it to be costly.

Reason

Americans Continue Migrating From High-Tax to Low-Tax States

Increasing mobility and remote work make taxes an important consideration in where to live.

Reason

House GOP Bill Aims to Abolish the IRS and Rewrite the Tax Code

The stability of the IRS is crumbling as the U.S. presidency changes hands.

Kiplinger

The TCJA May Help Nonprofits Next Year: Here’s Why

A potential TCJA extension could help nonprofits. But is it enough to keep up with inflation?

Kiplinger

Trump, the Self-Described 'Tariff Man,' Does Not Understand How Tariffs Work

Since the president-elect refuses to admit that levies on imports are taxes paid by Americans, he sees no downside to raising them.

Reason

States Without Legal Cannabis Are Missing Out On Billions In Annual Tax Revenue, New Analysis Shows

Cannabis tax revenue is transforming state economies, with over $19 billion raised so far. States like California and Colorado direct cannabis tax revenue to education.

Benzinga

Cigarette Taxes and Regulations Continue To Fuel a Thriving Black Market

Burdensome taxes and red tape produce the same results as outright prohibitions.

Reason

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Reason

A Taxpocalypse of Rising Rates Is Coming For Americans if Congress Doesn't Act

Here's how expiring tax cuts could affect you.

The Guardian - UK

From higher tariffs to lower taxes, will Donald Trump’s economic plan pay off?

There is a strong chance of the president-elect’s radical strategy going wrong, with a high risk of rising prices, inflation and interest ratesBusiness live – latest updates

The Independent UK

Georgia measure would cap increases in homes' taxable value to curb higher property taxes

Georgia voters unhappy about rising property tax bills could limit how much of a home’s increasing value can be taxed

Fortune

Economists say inflation likely higher under Trump than Harris

For economists wary about prices under a Trump presidency, the Republican nominee’s tariff plans loom large.

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news in one place.

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Kiplinger

Best States to Buy Chocolate Candy Tax-Free

One of the most popular Valentine's Day gifts may come with sweet sales tax savings. Find out if your state is the best place to buy chocolate hearts.

Reason

Trump's Destructive Tariff Proposals Will Make Us All Poorer

The candidate’s protectionism offsets some otherwise positive tax ideas.

Reason

Instead of Vote-Buying Tax Promises, Let's Have Real Plans for Tax Relief

Lower taxes are better taxes, but they should be part of well-considered plans.

Reason

How Much Will the Major Presidential Candidates Steal From You?

Neither Harris nor Trump has a plan to address national debt, but they dramatically differ on taxation.

Reason

Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans

The costs of steep tariffs and a higher corporate income tax extend far beyond the advertised targets.

Kiplinger

Will North Dakota Property Tax Be Eliminated?

A new property tax proposal will be a key ballot item for the Peace Garden State.

Kiplinger

How Trump and Harris Might Handle Expiring TCJA Tax Cuts

Many key provisions of the TCJA will expire soon. Here’s why it matters during the 2024 election cycle.

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