The Deduction

The Supreme Court struck down the IEEPA tariffs in February, so why are Americans still paying tariffs? The administration replaced them, first with temporary Section 122 tariffs and now with 10 to 12.5 percent Section 301 tariffs on nearly every US trading partner. 

Kyle sits down with cohost Erica York to catch up on tariff policy. Together, they look at how tariffs may cancel out the investment boost from full expensing and discuss the ongoing court cases that could still strike down the new tariffs.

0:00 Intro
0:30 Where tariffs stand after the IEEPA ruling
1:50 Industry-specific tariffs under Section 232
3:05 The trade fight with Canada and Section 338 tariffs
4:45 What could come next from China tariffs
5:10 Are importers getting IEEPA refunds?
7:50 Why consumers aren’t getting refunds
11:40 How workers pay for tariffs
12:55 Are foreign exporters paying some of the cost?
14:55 The $5,000 tariff dividend
17:10 How tariffs affect investment
20:00 Lessons from the 2018 trade war
21:30 The legal challenges to the new tariffs
24:55 Is the administration testing its limits?
26:00 What’s next for tariffs
28:15 Tax Foundation’s updated tariff tracker
29:30 Outro
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What happens when voters decide tax policy directly? This November, roughly 40 tax measures are on the ballot across 17 states. Some states want higher taxes on top earners, others want to write low rates into their constitutions, and Missouri voters will decide whether to start a fund that could one day replace every state tax.

Joining Kyle and Erica is Janelle Fritts, Senior Policy Analyst at the Tax Foundation. Together, they break down the measures worth watching, from property tax relief to new rules for how taxes get passed.
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California's billionaire tax is on the ballot this November, and it raises more questions than answers. From lost government revenue to legal battles that could drag on for years, what would this first-in-the-nation wealth tax actually do?

Hosts Kyle Hulehan and Erica York are joined by Tax Foundation Senior Fellow Jared Walczak to break down what the measure could mean for California's budget, economy, and taxpayers. They cover the risk to state revenue that funds public education, the effects on businesses and startups, the valuation and constitutional challenges ahead, why wealth taxes failed across Europe, and whether California would ever collect a dime.

0:00 Preview: What if California has to refund it all?
0:15 What is California's Billionaire Tax Act (Prop 40)?
2:30 Lessons from Europe: Why 11 of 14 wealth taxes were repealed
4:40 Why are wealth taxes so hard to enforce?
7:00 Legal vulnerabilities: Retroactivity and snapshot residency
10:45 Commerce Clause problems: Apportionment and fair relation
12:50 Has the U.S. ever had a wealth tax?
15:05 Economic effects: Taxing stocks vs. flows
18:20 Does "one-time" really mean one time?
20:55 The cost of billionaire migration and lost innovation
21:20 Can California actually administer this tax?
22:50 Steep penalties for taxpayers and appraisers
24:15 No rules, tight deadlines
25:30 Voting vs. economic interest: The founder problem
28:15 What happens to California's finances?
29:00 The $100 billion revenue estimate vs. reality
31:40 Litigation and the refund risk
33:55 Wrap-up
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Ten years ago, then-Speaker Paul Ryan and Ways and Means Chairman Kevin Brady released the “Better Way” Tax Plan, the blueprint that would eventually become the Tax Cuts and Jobs Act of 2017—the largest overhaul of the US tax code in over 30 years.
With the national debt climbing, Social Security heading toward insolvency, and tariffs reshaping the economy, the next round of reforms will demand bold ideas and a serious look at the trade-offs they carry.
In this special anniversary episode of The Deduction, hosts Erica York and Kyle Hulehan sit down with the plan’s original architects to talk through how it came together, the bold bets they made (and the ones that didn’t pan out, like the border adjustment tax), what a decade of hindsight reveals about its economic impact, and where tax reform goes from here.
GUESTS:
Paul Ryan—Former Speaker of the U.S. House of Representatives; former Chairman, House Ways and Means Committee
Kevin Brady—Former Chairman, House Ways and Means Committee
HOSTS:
Erica York & Kyle Hulehan, Tax Foundation
TIMESTAMPS:
0:00 – Cold Open: The Walgreens Story
0:35 – Welcome to The Deduction
1:19 – How the Better Way Tax Plan Began
3:12 – Becoming Speaker and Ways & Means Chair
4:57 – Why They Decided to "Go Bold"
6:18 – The Vision: Ending Corporate Inversions
7:33 – Destination-Based Cash Flow Tax & Border Adjustment
9:58 – Designing a Tax Code Built for Growth
10:53 – The 2019 Results: Wages, Poverty & Inequality
14:01 – Why Border Adjustment Didn't Survive Politically
19:37 – The Corporate Rate as the "Crown Jewel"
22:14 – Stopping the Inversion Wave
23:36 – What's the Next Motivator for Tax Reform?
25:22 – Kevin's Wishlist: What They'd Still Change
27:21 – House vs. Senate: What Got Left on the Table
28:57 – Revenue Neutrality and the National Debt
30:38 – Winning Over Industry: Building Trust
32:10 – The Case for Entitlement Reform
34:07 – Fixing a Broken Budget Process
38:23 – Final Thoughts: Why Think Tanks Matter
39:51 – The Tax Foundation's Role Then and Now

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Learn more at TaxFoundation.org
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Most Americans don't understand how the tax code works, and it's costing them. In this episode of The Deduction, host Kyle Hulehan sits down with Zoe Callaway, VP of Education at Tax Foundation, to talk about tax and financial literacy in America. They dig into the results of Tax Foundation's national survey on tax literacy, the most stubborn misconceptions people have about taxes (including one that nearly made a teacher turn down her own promotion), and what's happening in high school classrooms across the country. They also connect everyday tax confusion to bigger policy questions, from tariffs to tax refunds.

📧 Questions? Email us at podcast@taxfoundation.org
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