Taxes

7 Ways the Big Beautiful Bill Cuts Taxes for the Rich

Overall, the Big Beautiful Bill will harm poor Americans and raise the incomes of rich Americans—driving gains for the rich through cuts to marginal tax rates and the estate tax, along with tax breaks for businesses, business owners, and investors.

8 Ways Trump’s Turbulence Tax Is Costing the Economy

President Trump’s erratic tariffs and other policies are already affecting consumers’ cost of living and costing businesses real money.

Congressional Republicans’ Big Shift on Public Land Payments to Counties

While the One Big Beautiful Bill Act may have stopped short of selling off public lands, it did end some public land payments that rural communities have relied on since 1908—diverting those funds to pay for tax cuts for the wealthy.

10 Egregious Things You May Not Know About the One Big Beautiful Bill Act

Congressional Republicans’ radical budget and tax bill includes several less-known provisions that will increase costs, fuel the Trump administration’s overreach, and waste taxpayer dollars.

The One Big Beautiful Bill Act Would Ravage Regions Won by Donald Trump While Giving Tax Breaks to the Rich

Cuts to Medicaid, SNAP, and clean energy tax credits would devastate people in communities that voted for President Donald Trump.

State Estimates of Increases in Homeowner and Small-Business Borrowing Costs Under the One Big Beautiful Bill Act

The “big, beautiful bill” passed by House Republicans in reconciliation is expected to significantly increase U.S. government debt, driving up interest rates for borrowers—including families taking out a mortgage or people growing their own businesses.

The Devastating Harms of House Republicans’ Big, ‘Beautiful’ Bill by State and Congressional District

Estimates for the increase in number of uninsured people by 2034; how many people could lose some or all SNAP benefits; and the number of jobs at risk due to elimination of clean energy tax credits under the One, Big, Beautiful Bill Act.

House Republicans’ Medicaid Cuts and Associated Lives Lost by Congressional District

Proposals to impose work requirements on Medicaid expansion enrollees would cause large coverage losses and hundreds of avoidable deaths each year in many congressional districts.

Congressional Republicans’ Tax Legislation Would Massively Increase Federal Debt, Even With Enormous Spending Cuts

The legislation would heavily benefit the wealthy while substantially increasing costs for American households.

Congressional Republicans’ Reconciliation Plan Could Cost a Working-Class Family Thousands More Per Year

The budget legislation would gut programs for health care, food, and energy while giving enormous tax breaks to billionaires.

House Republicans’ Tax Bill Is Full of New Loopholes for the Ultrawealthy

A new House Republican proposal would give wasteful tax breaks to the wealthiest Americans, while gutting programs that help others meet their basic needs.

The House Republicans’ Budget Bill Guts Basic Needs Programs for the Most Vulnerable Americans to Give Tax Breaks to the Rich

The House Republican budget plan would eviscerate Medicaid and food assistance and shift resources toward the wealthiest Americans.

The House Republican SNAP Cuts Would Take Food From Hungry Families

The U.S. House Agriculture Committee’s budget proposal would cut assistance for all SNAP recipients—not “waste, fraud, and abuse.”

The GOP’s plan could throw millions off Medicaid — and that’s just the start

In an op-ed published by MSNBC, Andrea Ducas explains how disastrous House Republicans’ Medicaid work requirements proposal would be.

The Fiscal Impact of DOGE’s IRS Layoffs

Please join the Center for American Progress for an event featuring former U.S. Treasury Secretary Lawrence H. Summers and an expert panel on the importance of adequate funding for tax enforcement and administration in the federal budget.

The Fiscal Impact of IRS Staffing Cuts

New research from the Center for American Progress shows that the Trump administration’s cuts to the IRS could cost the government nearly $1 trillion over the next decade.

Medicaid Work Reporting Requirements Would Increase Uninsurance Among Manufacturing, Agricultural, and Service Workers

Congressional Republicans’ proposals to impose work reporting requirements would result in a combined 3.4 million manufacturing, agricultural, and service workers per year losing Medicaid coverage.

Why Trump’s Pronatalist Agenda Is Actually Anti-Motherhood

In an op-ed for Ms. Magazine, Sara Estep discusses how President Trump and Vice President Vance’s pronatalist agenda is actually at odds with what mothers and their families need to thrive.

Point: Deception and Destruction — Musk and DOGE’s Real Goal

In an op-ed published by InsideSources, Ben Olinsky argues that DOGE’s sweeping cuts are deliberately destroying the parts of government Americans rely on for basic services and protections.

Opinion: How Trump’s push to privatize Medicare would be a disaster for seniors

In an op-ed published by MarketWatch, Andrea Ducas and David Lipschutz explain why the Trump administration wants to make Medicare Advantage the default enrollment for all Medicare recipients and how doing so would devastate Americans' wallets.

The Congressional Republican Budget Plan Will Hurt Americans’ Wallets

Congressional Republicans are gearing up to pass their budget reconciliation legislation in the coming months—a plan that gives tax cuts disproportionately to the rich while raising costs on everyday Americans.

How Congressional Republicans’ Health Care Plans Will Spike Health Insurance Premiums for Older Adults

Congressional Republican plans to slash Medicaid funding and allow the enhanced Affordable Care Act premium tax credits to expire will significantly raise insurance costs for older Americans with marketplace coverage.

The Latest House Republican Car Tax Proposal Would Impose New Annual Costs on American Families

The inefficient and inequitable proposed car tax will only cover 34 percent of the shortfall in the Highway Trust Fund.

100 Days of the Trump Administration’s Foreign Policy: Global Chaos, American Weakness, and Human Suffering

In only 100 days, the Trump administration has wrought chaos around the world and weakened the United States’ place in it—leaving the American people and billions of others worldwide to pay the price.

Moving Federal Student Loans From the Department of Education to the Small Business Administration Would Make Borrowing Riskier

A Trump administration proposal to end the Education Department’s administration of federal student loans will have significant consequences for student loan borrowers and taxpayers.

Congressional Republican Tax Proposals Would Push Inflation and Interest Rates Even Higher

Against a backdrop of tariffs pushing consumer good prices higher, Congress’ budget reconciliation plan will gut basic needs and drive inflation and interest rates higher.

How State Capture and Corruption Harms Citizens: Lessons From Abroad

Examples from abroad serve as prescient warnings that corruption and state capture erode services, impoverish societies, and compromise public safety.

Americans on Average Will Be Poorer Under the Senate’s Plan To Extend the Trump Tax Law and Enact Additional Tax Cuts

The Senate’s approach to extending the Tax Cuts and Jobs Act (TCJA) and creating additional tax cuts would lower after-tax income on average and raise federal debt.

Examples of Potential Consumer Price Hikes Under Trump’s Tariffs

Due to President Trump’s trade wars, Americans can expect to pay more for groceries, clothing, and household items.

Senate Republicans Are Ignoring Senate Rules To Cut Taxes for the Rich

The Senate majority made clear its intent to add trillions of dollars to the national debt while taking food away from the hungry and health care away from the poor.

Trump’s Trade War is a Major Economic and Strategic Blunder

Despite proclaiming it “liberation day,” the Trump administration’s tariffs are hurting the U.S. economy, increasing inflation, and leaving America isolated on the world stage.

Congress’ War on Math

Congress should be able to increase deficits if it wants to—but it should do so with honest, transparent, and consistent accounting.

Extending the Trump Tax Cuts Would Harm the Economy and Raise Consumer Borrowing Costs While Pushing Up Debt

A new report from the nonpartisan Congressional Budget Office finds that extending the Tax Cuts and Jobs Act (TCJA) would hurt—not help—the economy.

Trump Is Making America Greater for Billionaires, Not Workers

In an op-ed published by InsideSources, Karla Walter and David Madland break down the real economic impacts that Trump’s recent slew of executive orders could have on everyday Americans.

Los planes presupuestarios de los republicanos del Congreso obligarían a la clase trabajadora estadounidense a pagar la factura de los recortes de impuestos para los ricos

Las nuevas propuestas presupuestarias prevén un enorme alivio fiscal para los más ricos, financiado por la clase trabajadora estadounidense, e incluyen recortes a los programas de salud y alimentación.

Congressional Republicans’ Budget Plans Would Force America’s Working Class To Foot the Bill for Tax Cuts for the Wealthy

New budget proposals envision a massive tax giveaway to those at the top financed by working-class Americans, including cuts to health care and food programs.

4 Ways House Republicans’ Emerging Tax Package Would Put Billionaires Over Families

The emerging House Republican tax package would raise working- and middle-class families’ costs to shower enormous tax giveaways on the wealthiest Americans.

Scott Bessent’s 3 Percent Deficit Target Would Require Massive Cuts to Anti-Poverty Programs and Middle-Class Tax Increases

Basic arithmetic suggests that the fiscal goals of President-elect Donald Trump’s treasury pick would slash health care and food security for working- and middle-class families while renewing tax cuts tilted to the wealthy.

Republican Tax Legislators’ Potential Framework for Extending Trump’s Tax Cuts Is a Gimmick That Would Cost More Than Advertised

Using a current policy baseline to mask the cost of extending Trump’s tax cuts is a gimmick that cannot change the fact that doing so would increase the deficit.

Progressive Principles for the 2025 Tax Debate: Having No Deal Is Better Than Having a Bad Deal

Facing the $4 trillion expiration of the Trump tax cuts next year, Congress must not greenlight a tax deal that will worsen income inequality and lose revenue.

Project 2025’s Plan To Gut Checks and Balances Harms Rural America

The new authoritarian playbook would devastate rural America in many ways.

The Trump Tax Cuts Led to Record-Low, Not High, Revenues Outside of a Recession

Federal revenues lag far behind pre-tax cut budget projections.

Project 2025’s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy

The far-right extremist playbook would immediately raise taxes for the middle class by thousands of dollars while also pushing for long-term changes that could raise taxes by $5,900.

Project 2025’s Plan To Gut Checks and Balances Harms Parents

The new authoritarian playbook would devastate parents in many ways.

Project 2025’s Plan To Gut Checks and Balances Harms Seniors

The new authoritarian playbook would devastate American seniors in many ways.

Project 2025’s Plan To Gut Checks and Balances Harms the American People

The new authoritarian playbook would devastate Americans in many ways.

Fact Sheets: The Harmful Effects of Project 2025, by State

These fact sheets provide insight into how Project 2025 would affect people in states across the country.

Sen. Ted Cruz’s No Tax on Tips Act Does Little for Low- and Moderate-Wage Workers But Opens Door to Tax Abuse by Wealthy

This legislation may sound like pro-worker tax reform, but it’s just more of the 2017 tax law’s empty promises for workers and giveaways for the wealthy.

The 2017 Tax Bill’s Pass-Through Deduction Largely Favors the Wealthy and Encourages Gaming of the Tax Code

Congress should reject attempts to extend the 2017 tax bill’s costly pass-through deduction.

The Inflation Reduction Act Still Reduces the Deficit

Higher clean energy tax credit costs mean they are working better than expected.

The Direct File Pilot Shows That a Public Tax Filing Option Saves Money, Improves Customer Service

States should move to adopt integrated free filing.

What Would It Take To Stabilize the Debt-to-GDP Ratio?

Because most of the Bush-era tax cuts were permanently extended, the United States is projected to have the debt ratio rise indefinitely. Closing this fiscal gap would require decreasing primary deficits by 2.1 percentage points of GDP, on average.

Permanently Extending the Trump Tax Cuts Would Increase Upward Pressure on the Debt Ratio by More Than 50 Percent

If Congress renews the Trump tax package, the fiscal gap will grow from 2.1 percent of GDP to 3.3 percent of GDP, making debt ratio stabilization 54 percent harder.

The Biden Administration’s Targeted, Strategic Tariffs Are Effective Industrial Policy at Work

Standing up for American workers while fighting the climate crisis is smart and pragmatic policy.

The Key Role of States in Unlocking Direct Pay for Clean Energy

States have a crucial role to play in maximizing the uptake of direct pay clean energy tax credits and spurring the clean energy economy.

Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade

Permanently extending the Trump tax cuts would cost $400 billion per year and give the largest tax cut to extremely rich households.

The Tax Cuts and Jobs Act Failed To Deliver Promised Benefits

Benefits of the business tax changes in Trump’s 2017 tax bill were costly and did not trickle down to workers and families.

Our aging and low-income workforce needs a broader tax break

In The Hill, Beth Almeida and Brendan Duke write about why the United States needs an expanded earned income tax credit.

Point: IRS Direct Simplifies Tax Filing, Saves Money

In "DC Journal," Jean Ross writes about the benefits of IRS Direct File.

The Schumer-Johnson Budget Deal, Explained

Under the tight caps in the budget agreement, Congress should be able to meet the nation’s highest priorities, but the federal government would provide a lower level of services and benefits than it did in fiscal year 2023.

Rebuilding the IRS Improves Customer Service and Reduces the Tax Gap

Funding from the Inflation Reduction Act helps ensure that the wealthy and large corporations pay what they owe and that customer service improvements continue.

How Cities Can Take Advantage of Direct Pay

Please join the BlueGreen Alliance, the Center for American Progress, Lawyers for Good Government, and the National League of Cities for a virtual briefing on how cities, towns, and villages can take advantage of direct pay programs and tax credit bonuses.

Cryptocurrency Income Is Taxable Income

Tax laws apply to digital assets just like any other assets.

Recent Health Savings Account (HSA) Expansion Proposals Are Costly and Misguided

New HSA proposals expand tax shelters for the wealthy while failing to address health care affordability challenges.

How Threats to IRS Funding Endanger America’s Fiscal Future

Please join Patrick Gaspard, president and CEO of the Center for American Progress, in conversation with former U.S. Treasury Secretary Dr. Lawrence H. Summers on the importance of adequate funding for tax enforcement and administration to a healthy democracy.

How George W. Bush and Donald Trump broke America’s tax system

In an op-ed published by MSNBC, Bobby Kogan argues that tax cuts are the reason the federal deficit has grown despite a strong economy.

Point: Strong Prevailing Wage Standards Help Grow the Economy

In an InsideSources op-ed, Karla Walter argues why the Biden administration’s support of prevailing wage standards will help grow the middle class.

House Ways and Means Proposal Would Hurt Honest Tax Filers and Reward Tax Avoidance

Congress should extend and expand, not weaken, information reporting.

Maximizing the Benefits of Direct Pay for Clean Energy Tax Credits

To fully realize the potential of direct pay and maximize the deployment of clean energy tax credits, the Treasury and IRS must make the program as accessible as possible.

House Appropriations Committee Actions Threaten To Block a Public Option for Online Tax Filing

A hostile rider would bar efforts to create a no-cost filing option that would save taxpayers money.

House Bill Would Slash Business Taxes and Undermine Efforts To Stem Profit Shifting

A new House Republican proposal would cut business taxes, expanding the primary cause of the nation’s increasing debt ratio.

Biden Tax Proposals Would Correct Inequities Created by Trump Tax Cuts and Raise Additional Revenues

President Biden’s fiscal year 2024 tax proposal would impose new taxes on unearned income, while improving the child tax credit.

Bank Failures Highlight Need for a Strong and Independent CFPB

The CFPB faces legal and political challenges amid instability in the banking system.

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

The ‘Fair Tax’ Act Would Radically Restructure the Nation’s Tax System in Favor of the Wealthy

The Fair Tax Act would replace federal income and payroll taxes with a national sales tax, slashing federal revenues and cutting taxes on the wealthy.

The Biden Administration’s First 2 Years: Stories of Americans Who Benefit From a Government Invested in Their Future

This collection features stories from Americans across the country whose lives and communities have benefited from the legislative and executive actions passed under the Biden administration.

Congress should prioritize families over corporate tax breaks

Jean Ross urges lawmakers to prioritize the child tax credit over corporate tax breaks.

Child Tax Credit Improvements Must Come Before Corporate Tax Breaks

To sustain recent reductions in child poverty, Congress should prioritize improvements to the child tax credit over corporate tax breaks in year-end tax negotiations.

What You Need To Know About Inflation and the Inflation Reduction Act

The Inflation Reduction Act will help reduce costs, create jobs, and ensure corporations pay their fair share in taxes.

The Inflation Reduction Act: What It All Means

Please join the Center for American Progress for a multipanel discussion with OMB Director Shalanda Young, one of the key officials responsible for implementing the IRA, and everyday Americans about the Inflation Reduction Act and what it will mean for the United States and the American people.

5 Little-Known Facts About Taxes and Inequality in America

Rich Americans face the lowest payroll tax rates and benefit from skewed income tax deductions, loopholes, and rate preferences.

The Rental Housing Crisis Is a Supply Problem That Needs Supply Solutions

Policymakers must prioritize improving housing access and affordability for low-income households through immediate and long-term investments.

The Inflation Reduction Act Would Only Raise Taxes From Wall Street and Big Corporations

Contrary to critics’ claims, the Inflation Reduction Act would only increase taxes for large corporations and the wealthy while providing meaningful benefits for middle-income families across the country.

Numbers don’t lie: Ron Johnson’s tax scam was a raw deal for Wisconsin

Seth Hanlon urges Sen. Ron Johnson (R-WI) to support the Inflation Reduction Act and put the needs of Wisconsin families ahead of his own interests.

The Inflation Reduction Act Brings Down Costs and Boosts Energy Supply, Cutting Inflation and Making Historic Investments

The Inflation Reduction Act would solve mismatches between supply and demand at work in the U.S. economy, reducing inflation and strengthening the country’s long-term economic outlook.

Fact Sheet: How Closing a Tax Loophole That Benefits the Rich Would Strengthen Medicare

A key provision reportedly agreed to in the reconciliation bill would extend the Medicare trust fund by three years.

Extremist US Politicians Are Aiding and Abetting Autocratic Hungarian Regime

The extreme right brazenly supports Hungarian efforts to impede U.S. and European Union allied interests, subverting policies that would ensure corporations pay their fair share and sanction Russia for its Ukraine invasion.

Hearing on Tax Policy for Inclusive Economic Growth

Seth Hanlon testified before the U.S. House Select Committee on Economic Disparities and Fairness in Growth on evaluating tax fairness.

New Research Adds to Evidence That Opportunity Zone Tax Breaks Are Costly and Ineffective

Policymakers should enact commonsense reforms to opportunity zones to boost transparency and accountability, stem rising costs, and focus attention on communities most in need.

The Millionaire Surcharge Would Improve the Fairness of the Tax Code

Special carveouts are unwarranted and would create new ways for the ultrawealthy to game the system.

Tax Breaks for Retirement Savings Do Not Help the Workers Who Need Them Most

While retirement savings incentives—and those recently proposed in the SECURE Act 2.0—favor the wealthy, reforms should prioritize the low- and middle-income taxpayers most at risk of financial insecurity in retirement.

It’s time to end tax deductions for anti-union activity

David Madland writes about why Congress must prohibit firms from deducting the costs of their anti-union activities from their corporate taxes.

Building a Fairer Tax System With Sen. Elizabeth Warren

Building a Fairer Tax System With Sen. Elizabeth Warren

These 19 Fortune 100 Companies Paid Next to Nothing—or Nothing at All—in Taxes in 2021

Analysis shows that during a year of high corporate profits, many of the biggest corporations in America either paid minimal or no federal income taxes.

The best solution to high gas prices: tax the oil companies

Patrick Gaspard discusses why Congress should enact a temporary windfall profits tax on Big Oil to ensure these companies are not profiting from Russian's war in Ukraine.

As Energy Prices Skyrocket, Congress Must Return the Oil and Gas Industry’s Windfall Profits to the American People

Congress should enact a temporary tax on windfall profits from the oil and gas companies that are raking in record profits at a time of crisis-level energy prices.

Increased Wage Inequality Has Reduced Social Security’s Revenue

Rising economic inequality has pushed down Social Security’s revenues, but there are a few possible avenues to generating more revenue in order to preserve Social Security.

Budget Cuts Are To Blame for Tax-Filing Season Challenges

Congress must act now to improve customer service and close the tax gap.

The Biden Boom: Economic Recovery in 2021

President Joe Biden took office one year ago amid one of the worst economies in generations, but the U.S. economy has since made tremendous progress toward recovery, and workers are benefiting.

A Corporate Minimum Tax Would Ensure Large Corporations Begin To Pay Their Fair Share

The Build Back Better Act’s corporate profits minimum tax would make important progress toward fixing a broken tax code and ensuring that the largest and most profitable corporations pay their fair share.

The Build Back Better Act’s Investments in the IRS Will Substantially Reduce the Tax Gap

Treasury economists’ estimate that modernizing the IRS will net $400 billion in new revenue will not be reflected in official Congressional Budget Office scores of the bill, but the savings are real and could be even greater.

Build Back Better and OECD Corporate Tax Agreement Would Discourage Offshoring Jobs and Profits

Congress should enact the pro-worker international tax reforms in the Build Back Better framework.

3 Alternatives for Taxing the Capital Gains of the Very Wealthy

Three distinct systems could replace the stepped-up basis loophole. They differ significantly, but each would increase taxes on the rich and dramatically improve on the status quo.

4 Facts That Disprove Opponents’ Claims About Biden’s Tax Compliance Proposal

Under the proposal, the IRS will receive no detail on account holders’ transactions, and ordinary taxpayers will be less likely to be audited.

The Forbes 400 Pay Lower Tax Rates Than Many Ordinary Americans

A recent study finds that the Forbes 400 paid an effective tax rate of 8.2 percent over recent years—lower than many middle-class Americans.

The Build Back Better Agenda Boosts Productivity and Long-Term Economic Growth in Numerous Ways

A paper cited by critics of the Build Back Better agenda analyzes a different plan than what President Joe Biden has proposed and Congress is considering, and it ignores many positive effects of the actual plan.

The Build Back Better Act Would Greatly Lower Families’ Child Care Costs

The Build Back Better Act would ease a significant burden on middle-class families’ finances, lowering their child care costs by more than $100 per week in most states.

The House Ways and Means Build Back Better Bill Is a First Step Toward a Fairer Tax Code

The Ways and Means Committee’s tax reforms take important steps toward tax fairness; Congress should do more.

Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda

Requiring more information from financial institutions will help catch and deter tax cheats while reducing audits of honest taxpayers.

Addressing Tax System Failings That Favor Billionaires and Corporations

Biden’s Build Back Better plan addresses key failings of the U.S. tax system that let the wealthy and corporations avoid paying their fair share; Congress can and should do even more.

The American Families Plan Taxes Billionaires and Protects Family Farms and Businesses

President Joe Biden’s American Families Plan closes tax loopholes favoring the superrich while protecting family farmers and small-business owners upon passing a farm or family business to the next generation.

It’s Time for a Workforce Disclosure Reset

The current moment demands that the SEC add specific human capital metrics to its current disclosure regime to provide investors, other market participants, and the public reliable, consistent, and comparable information about companies’ management of their workers.

Inflation and Making Ends Meet: Increasing Real Household Incomes

A temporary bump in inflation limited to a few items obscures the fact that policies such as the Bipartisan Infrastructure Framework (BIF) and the $3.5 trillion budget resolution would boost incomes for Americans.

A Pathway to Citizenship and Economic Growth Through Budget Reconciliation

A pathway to citizenship for undocumented immigrants benefits the U.S. economy as a whole—and it can be done through the budget reconciliation process.

Building Infrastructure That Supports Opportunity, Equity, and Sustainability

Generating a robust economic recovery that facilitates inclusive prosperity, redresses past harms, and advances national climate goals will require reforming federal infrastructure programs, which were not originally designed to meet these objectives.

Congress Can’t Miss This Chance To Close the Biggest Tax Loophole for the Ultrawealthy

ProPublica revealed that billionaires are paying virtually no tax. Congress can address the problem by adopting President Biden’s proposals on capital gains and stepped-up basis.

The Challenges Facing the Department of Veterans Affairs in 2021

Denis McDonough, the new secretary of Veterans Affairs, must work to address his department’s many challenges while supporting the veterans who return from war.

Better Tax Enforcement Can Advance Fairness and Raise More Than $1 Trillion of Revenue

Congress should help pay for national investments by making the wealthy and corporations pay the taxes they already owe.

Reversing a Decade of Domestic Disinvestment

President Biden’s FY 2022 budget request must address years of cuts and underinvestment in critical government functions.