Taxes directly affect Americans by compelling them to surrender part of their income to the government, and indirectly since the taxing power can positively or negatively affect economic growth.
In the U.S., our tax regimes are in serious need for reform, both at the state and federal level. Our tax code fails to sufficiently incentivize investment, the primary driver of economic growth. And it hobbles U.S. companies as they compete internationally.
IPI believes that the purpose of taxes is to raise the revenue necessary to fund the legitimate functions of government while imposing the least possible impact upon the functioning of the economy. We therefore believe that taxes should be simple, transparent, neutral, territorial and competitive.
Because of its tremendous potential to stimulate real long-term economic growth, tax reform should be a top priority of policymakers.
Tradeoffs
The Tax Relief for American Families and Workers Act of 2024 is a perfect example of the kinds of tradeoffs that must be made in order to move legislation. Should Republicans trade an expanded child tax credit for extended business tax cuts? And should the Democrats take the same deal? As Thomas Sowell says, “there are no solutions, there are only tradeoffs.”
Tabling TABOR
Colorado voters passed a TABOR Amendment in 1992 to ensure taxpayers benefited from state budget surpluses. That didn't stop the legislature from trying to undermine voters' intentions.
What Donald Trump Can Learn from Switzerland
The Swiss understand that eliminating tariffs helps consumers and the economy. Donald Trump hasn't learned that lesson.
How Much Does $100 Billion in Federal Spending Cost You?
Americans would push back more on government spending if they knew how much each proposal would actually cost them.
Massachusetts Cuts--and Complicates--Taxes
You know progressives are concerned about tax flight when even Massachusetts decides to cut state tax rates.
Iowa Leads the Way on Tax Cuts
Iowa was once a leader in high individual and corporate income tax rates; now it's a leader in lowering those rates—and cutting spending.
Reducing 'Tax Expenditures' Can Hurt Economic Growth
Rethinking and bad thinking about the notion of "tax expenditures."
The Bizarre Economics of 'Tax Expenditures'
The term "tax expenditure" may not mean what you think it means.
Donald Trump (aka 'Tariff Man') Wants to Increase Your Taxes
For some strange reason Donald Trump is campaigning on a big tax increase—rather than a tax cut, like he proposed in 2016—to help him win the White House.
Don't Trade SALT for Broccoli
Physicians may think too much salt is bad for your health, but many economists believe some SALT is good for the economy.
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