Our analysis quantifies the fiscal and macroeconomic effects of tariff proposals made by former President Trump in light of existing economic evidence, showing that such tariffs would raise revenue at significant cost to the U.S. economy.
Both candidates in the 2024 presidential election have expressed support for a tax exemption on tips. This report adds to the ongoing policy conversation by offering a quantitative look at several interpretations of the proposal, including its potential costs and down-stream consequences.
We analyze how and to what extent tax filers with similar incomes pay substantially different tax rates. This type of horizontal inequity is central to the perception that some people, particularly high earners, do not pay their "fair share" of taxes.
By simplifying the individual income tax code, fundamental tax reform can reduce the amount of time spent filing taxes without losing revenue or reducing progressivity.
