In this episode of The Deduction podcast, host Kyle Hulehan discusses the complexities of the US taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. system with Alex Muresianu, Senior Policy Analyst at the Tax Foundation. They delve into the staggering 7.1 billion hours Americans spend on tax compliance every year, and explore the impact of the One Big Beautiful Bill Act (OBBBA) on simplifying and complicating the tax code. Key topics include the permanence of the Tax Cuts and Jobs Act (TCJA) provisions, the introduction of new deductions, and the challenges and missed opportunities for structural tax reform. They also discuss the significant costs associated with tax compliance and suggest potential reforms for the future. Join us for an insightful conversation on the intricacies of the US tax system and the path ahead.
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One Big Beautiful Bill Act Makes the Individual Income TaxAn individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source More Complex See more
FAQ: The One Big Beautiful Bill Act Tax Changes See more
One Big Beautiful Bill Act Tax Policies: Details and Analysis See more
The Good, the Bad, and the Ugly in the One Big Beautiful Bill Act See more
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