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PODCAST

The Deduction

The Deduction is your guide to the complicated world of tax and economics. From the impacts of tariffs and trade wars to debates over who pays and how much, each episode, our experts untangle another aspect of the tax code. Listen to the leading tax podcast! Have a question for one of our experts, let us know here: https://taxfoundation.org/mailbag. Follow us on Twitter @deductionpod: https://twitter.com/deductionpod

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All Episodes

34:33

The 2026 Ballot Measures Shaping State Taxes

The Deduction ·

2026/10/07

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 relie...

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34:47

California's Wealth Tax Explained (And Why It Might...

The Deduction ·

2026/09/28

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 effe...

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42:57

Going Bold: Paul Ryan & Kevin Brady on Tax Reform

The Deduction ·

2026/08/31

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. 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 ...

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19:30

Is America Financially Illiterate? The Numbers Are...

The Deduction ·

2026/04/28

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 class...

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41:06

You Might Owe Taxes in a State You Don’t Live In

The Deduction ·

2026/04/08

Should you have to file a tax return in a state where you babysat for one hour? In 22 states, the answer is technically yes. In this episode of The Deduction, host Kyle Hulehan and co-host Erica York sit down with Katherine Loughead, Director of State Tax Projects at the Tax Foundation, to break down the tangled mess of state nonresident income tax laws — and why they're a growing problem in the remote work era. Katherine walks us through how credits for taxes paid to other states are suppo...

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39:04

One Year After "Liberation Day," Did Trump's Tariffs...

The Deduction ·

2026/04/02

On April 2, 2025, President Trump announced sweeping "reciprocal" tariffs on Liberation Day, promising an investment boom, massive revenue, debt reduction, and lower prices. One year later, Kyle Hulehan and Erica York dig into the data to see how those promises held up. 0:00 - Liberation Day speech recap 2:00 - Were the tariffs actually "reciprocal"? 5:30 - The real math behind the tariff formula 10:00 - Market reactions and policy chaos 14:00 - The promised investment boom that never arrive...

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37:10

Should We Tax Artificial Intelligence?

The Deduction ·

2026/03/11

AI is everywhere, and now it's in the tax policy debate. In this episode of The Deduction, hosts Kyle Hulehan and Erica York sit down with Alex Muresianu, Senior Policy Analyst at the Tax Foundation. Together they examine what current labor market data actually shows, why proposals from Senators Sanders and Kelly risk backfiring, and what smarter reforms like worker retraining deductions and consumption-based taxation would strengthen the tax code no matter how the AI story unfolds. Connect...

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22:08

The Big Beautiful Bill's Impact on State Taxes,...

The Deduction ·

2025/08/27

Congress may have passed the One Big Beautiful Bill Act (OBBBA), but state lawmakers now face big choices. Most states link their tax codes to the federal system, meaning OBBBA’s provisions—good and bad—are about to ripple across state budgets. In this episode, we explain why federal tax changes can automatically affect your state tax bill, the costly new personal deductions with limited benefits, and the pro-growth business provisions that remove barriers to investment and jobs...

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29:06

Trump Tariffs Explained: Grocery Prices and Rebate...

The Deduction ·

2025/08/12

Trump’s 2025 tariffs will hit nearly three-quarters of US food imports, raising prices on products that are often difficult or impossible to produce domestically. Senator Hawley has proposed a rebate program to return some of the revenue to households—but would it actually help? Kyle Hulehan is joined by Alex Durante, Senior Economist at the Tax Foundation, to unpack how these tariffs work, the economic trade-offs of a rebate, and why repealing tariffs may be the most effective solutio...

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17:26

Tax-Free Weekends: When Popular Policy Meets Poor...

The Deduction ·

2025/08/05

They’re popular, highly visible, and marketed as tax relief—but research shows sales tax holidays are inefficient, create compliance headaches, and often miss the mark for the taxpayers they’re meant to help. Kyle Hulehan is joined by Katherine Loughead, Senior Policy Analyst and Research Manager at the Tax Foundation. Together, they break down why these policies persist—and what better alternatives might look like. Support the show Follow us! https://twitter.com/TaxFoundation htt...

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17:05

Will Trump Accounts Actually Help Families Save?

The Deduction ·

2025/07/23

Who are Trump Accounts really for, and will they actually help families save? With yet another savings vehicle added to an already confusing system, do these accounts solve a real problem—or just add more complexity? In this episode, we break down what Trump Accounts are, how they work, and why they might not be the game-changer they sound like. We also explore why the U.S. savings system is failing most Americans and what a simpler, universal approach could look like. Support the show Follow...

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34:43

The One Big Beautiful Bill Is Law—Now What?

The Deduction ·

2025/07/15

The One Big Beautiful Bill is now law—but what does it actually do? In this episode, we break down the new tax law’s key provisions, including who benefits, who doesn’t, and what it means for the economy, tax certainty, and the federal deficit. Kyle Hulehan is joined by Daniel Bunn, President and CEO of Tax Foundation, and Garrett Watson, Director of Policy Analysis. Together, they dive into the bill’s temporary vs. permanent changes, its international implications, and how it sets the...

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13:30

The One Big Beautiful Tax Bill: What’s In It, What’s Out

The Deduction ·

2025/07/01

Congress is racing to pass the One Big Beautiful Tax Bill before the July 4 deadline. In this episode, Kyle Hulehan and Erica York break down what just happened over the weekend, what’s actually in the bill, and what comes next as the House and Senate try to reconcile their differences. Learn more: “Big Beautiful Bill” Senate GOP Tax Plan: Preliminary Details and Analysis: https://taxfoundation.org/research/all/federal/big-beautiful-bill-senate-gop-tax-plan/ ...

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17:08

Breaking Down the Senior Deduction in the One, Big,...

The Deduction ·

2025/06/17

The House-passed reconciliation bill leaves out Trump’s promise to eliminate taxes on Social Security benefits, opting instead to expand the standard deduction for seniors. In this episode, Kyle Hulehan and Erica York are joined by Alex Durante to unpack how the deduction works, who benefits most, and how it compares to repealing Social Security taxes. Support the show Follow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show

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8:58

Are Trump’s Tariffs Legal? Here’s What the Courts Say

The Deduction ·

2025/05/29

It’s been a whirlwind 24 hours in tariff news: first, a trade court blocked Trump’s sweeping new tariffs, calling them executive overreach. Then, a federal appeals court reinstated them—at least for now. We break down what happened, what’s next, and why it matters. Support the show Follow us! https://twitter.com/TaxFoundation https://twitter.com/deductionpod Support the show

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19:07

Trump’s Tariff War Returns

The Deduction ·

2025/02/05

Are tariffs making everything more expensive? With Trump’s new tariff plans hitting $1.1 trillion in imports—far more than his first term—prices could rise for businesses and consumers alike. Kyle Hulehan and cohost Erica York break down who really pays for tariffs, why they hurt lower-income Americans most, and whether they worked the first time around. Links: Trump Tariffs: Tracking the Economic Impact of the Trump Trade War Questions About Tax Cuts, Tariffs, and Reconciliation After t...

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20:02

Will Your Taxes Go Up? Best- and Worst-case Scenarios...

The Deduction ·

2025/01/22

What will the future of tax policy look like? In this episode, we dive into the critical challenges and opportunities looming on the horizon, especially with major tax cuts set to expire, which could increase taxes for 62 percent of filers. Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO of the Tax Foundation. Together, they explore what needs to happen in tax policy this year to avert a fiscal crisis, discussing the best- and worst-case scenarios for taxpayers. ...

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29:22

Behind the Numbers: Budget Shenanigans and the...

The Deduction ·

2024/12/11

What happens to your taxes when the Tax Cuts and Jobs Act expires on January 1, 2026? In this episode, we explore the potential tax hikes facing millions of Americans and the debate over measuring the budgetary impacts of extending tax cuts. Kyle is joined by Erica York, Senior Economist and Research Director, along with Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation. Together, they compare current policy with current law baselines and dive into how thes...

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18:30

Election Insights | Can Trump's Tariff Plan Really...

The Deduction ·

2024/10/30

Can tariffs truly replace income taxes in today’s economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?To unpack these questions, Kyle Hulehan is joined by Erica York, Senior Economist and Research Director, as they explore the impact of tariffs on household budgets and the economy as...

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13:11

2024 Election Insights | Tax Hikes Are Coming,...

The Deduction ·

2024/10/23

Are tax increases on the horizon in 2025, no matter who takes office? In this episode, we explore why changes to the tax code could hit your wallet, regardless of which party comes out on top.Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. They break down the expiration of the Tax Cuts and Jobs Act, Trump’s plans for the tax code, and Harris’s proposals to raise taxes.LinksExpiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US See mor...

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